Hispano Suiza Engineering, associated with the Maguari HS1 GTC, has reportedly filed for bankruptcy
Do you remember the story of the two Hispano Suiza companies? Well, one of them is in trouble. Austrian outlet ORF reported that Hispano Suiza Engineering based in Villach, Austria, filed for Mississippi Bankruptcy, unable to cover its debts. The latter is not associated with Hispano Suiza, the maker of the Carmen electric supercar, but with Hispano Suiza Automobilmanufaktur AG, maker of the Maguari HS1 GTC.
Hispano Suiza Engineering was founded in 2016 and is 100% owned by Hispano Suiza Automobilmanufaktur AG, which has been in existence since 2010 and is headquartered in Baar, Switzerland. His official site is still active, promoting the V10-powered Maguari HS1 GTC which was unveiled in concept form in 2019 and was to be produced in a limited run of 300 units.
According to ORF, production was delayed due to various factors, including the pandemic, and high development costs for the vehicle resulted in a debt of 4.7 million euros ($5.35 million) owed to banks, loans from shareholders and suppliers. The assets include the future Villach production site and two full-size prototypes of the Maguari HS1 GTC which are likely to be liquidated, the trademark rights are believed to have been confiscated by the bank.
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Currently, Hispano Suiza Engineering employs three people, including Managing Director Erwin Leo Himmel. The former design director at Audi, whose name is associated with the 1991 Audi Quattro Spyder concept among other production vehicles, is also the founder of Hispano Suiza Automobilmanufaktur AG.
Here we have to clarify that none of the aforementioned companies is linked to Barcelona-based Hispano Suiza, maker of the 2019 Carmen and 2020 Carmen Boulogne electric supercars. -grandson of the original founder of Hispano Suiza, as president.
Speaking of which, the original La Hispano-Suiza, Fábrica de Automóviles SA was founded in 1904 by Swiss engineer Marc Birkigt and Spanish businessman and politician Damián Mateu, with the aim of producing vehicles high-performance luxury. While the name was not used in the automotive industry for several decades, the 21st century found the two completely independent companies wanting to revive the Hispano Suiza spirit.