The Australian supplier of carbon-fibre wheels to the likes of Ferrari, Lamborghini, Chevrolet and Ford has announced it has entered voluntary administration, but will continue to operate while it restructures.
Carbon Revolution’s unique wheels can be found on the likes of the Lamborghini Temerario, the Ford Mustang Dark Horse SC and the Chevrolet Corvette Z06, in all instances being optional extras which weigh far less than the stock metal-based components.
In a statement to shareholders, Carbon Revolution plc said its wholly owned Australian subsidiaries – Carbon Revolution Pty. Ltd. and Carbon Revolution Operations – were entering voluntary administration, in a bid to save the business and get it back on track.
“Now is the right time for Carbon Revolution to engage in this process, one that holds the opportunity of a de-leveraged balance sheet and the ability to expand the depth of our relationships with our current customers and add new ones” said Eugene Davis, director of the Australian subsidiaries.
Carbon Revolution plc chairman Bob Lutz – a veteran executive of Detroit’s ‘Big Three’ carmakers – added that “as the market’s appreciation for the value that carbon fibre wheels deliver continues to grow, the restructured business will be well set up to be a prime beneficiary of this trend at just the right time”.
“We want to extend our abiding gratitude to our employees, customers, suppliers, shareholders, and so many others for supporting us through this journey.”
Crucially, Carbon Revolution said its “operations in Australia will continue through this period with production schedules met, deliveries made, and the development of new products ongoing”.
“It is anticipated that the restructured Australian business can re-emerge in Q2 2026 with the capital and market positioning necessary to execute on its strategic plan.”
According to the Geelong Advertiser, Carbon Revolution has appointed McGrathNicol as administrator, in an attempt to clear the company’s circa-US$160 million (A$230 million) of debts.
Carbon Revolution was listed on the ASX from 2019 but switched to the Nasdaq in November 2023. Last month it was kicked off the US stock exchange, after its market capitalisation bottomed out at almost US$20,000 (A$28,780), or about how much some car companies charge to equip its wheels.
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