Australian DC Fast Charger supplier Tritium® goes belly up.
"How a manufacturer had a 75 per cent market share in electric vehicle chargers in Australia, and ranked number one in the US and number three in Europe faltered during a time of rising EV sales is bound to be a case study in every management course."
On the global stage it's not that often we see something or someone from Australia go really big.
INXS, Kylie Minogue, Paul Hogan and Mark Webber are good examples.
However, company successes are fewer.
Notably though, Tritium chargers rose quickly, being sold globally and capturing very strong market share. It was well known by anyone in the EV biz.
What's more, they did a $1.2b SPAC in early 2022, which *should* have given them a long runway with all the cash they'd need for years.
Apparently not.
So what happened?
Simply, they tried to expand too fast.
They also misjudged US manufacturing, they lacked profitability at scale and their early chargers were unreliable.
When things got tough, there was no buffer, and unfortunately, it came crashing down quickly.
It's a huge shame really, as many people put a huge effort in to what this company had achieved. They were big contributors and enablers of the EV global rollout.
Yet, in the end, felled by bad strategy.