Weekly Update 28.09


#1

Dear Community,

Reporting the latest updates to you. As you remember from the previous update, based on our investors’ estimates we were supposed to receive payment from them last week but it got moved to this week for their own internal reasons. I just had a conference call with both investors urging them to speed up the transfer. As you remember we have 2 investors—a big international company and a private European investor. The current situation is that the private investor ran into some difficulties with his bank. The earliest he will be able to make the transfer is 15th of October.

He is very sorry for the slowdown, but has reassured us and the other investor that all is fine and that the investment will arrive on the week of 15th. We are extremely disappointed with this situation and made it known to our investor. We also explained that we have publicly promised our community that the payment would be made this week. He is extremely apologetic but explained that he can’t speed the timeline up as it’s a big amount and the bank has a certain process for it.

We were working on getting the other investor to go ahead with their share of the investment already, despite the hold-up on the private investor’s part. The conclusion here was that while unhappy with the delay, they will wait, and make the investment together with the private investor.

We are extremely disappointed as this is the last step before things start moving finally. We know that we are again shifting the timeline. The timeline we communicated to you was based on investor estimates.

We understand that we need to move faster, so we agreed with our investors to all meet with Emdoor in China on the 10th of October to convince them to start shipping before the payment arrives.During this week we have been on stand-by to get to China for meetings and moving forward with assembly and shipping. We would be of course ready to meet Emdoor, our manufacturer, next week but unfortunately, next week is a long independence holiday for the workforce in China.

I hate to bring this news to you today. I hope our investors are reading this and understand the importance of sticking to the timeline and urgency of our situation.
We are quite unfortunate with the circumstances but we will get there!

Now some questions answered:

Q: What’s the shipping timeline now?
A:
Shipping timeline is the same as the earlier update, and is based on us finally receiving funds. You can see the update below:

Q: Why will refunds be issued after the shipments?
A:
We have a bunch of funds frozen that will get unlocked once we ship ordered units out. In order to ship units out, we need to pay out the full balance for our manufacturer, including units that were ordered and units that will be refunded. If we would refund all of the units first, we would not be able to pay the full balance to the manufacturer, and therefore would be left with funds still frozen. Our investors wouldn’t allow to use funds in such a way.

Q: What if there is a further delay with payment?
A:
At this point it can only come from the private investor’s side. We are very disappointed with his delay as the other investor is ready on his side. As a backup, during our meeting in China on the 10th of October I’ll discuss with the bigger investor if he would like to have this round alone. We have not had the delay from the bigger investor and it has been moving fast to this date.

Q: Your customer support is bad. Especially warranty handling.
A:
It’s true. We know it. Due to our challenging situation we are short on resources on support side. Once the investment arrives we will make sure to reevaluate a lot of cases and drastically improve the support we give.
If we are taking too long to respond submit a new ticket through website.


Weekly Update 12.10
Weekly Update 19.10
#2

Thanks for the update Konstantinos, even though it is extremely bad news.

I am probably one of the most patient fourth of December flashsale customers who also does not have an urgent urgent need but I really am at the end of my patience now.

I am not looking forward to reading the vitriol that will be poured out In this thread in the next couple of weeks. It is like watching a slow death of a dream that could’ve been so good.

I still wish you all the best, I’ll still want my V - in perfect condition and with ALL accessories - but I think I could be looking elsewhere depending on imminent announcements from other companies.

Dave


#3

Just expect this would happen.

Next month Eve won’t have anything shipping because of investors’ delay and transferring to shipping warehouse, my personal shipping estimation is still November. (Worst Dec)

After getting all through this, there is not much things can stop Eve’s steps
(Don’t tell me the shipping company is also a delay psychosis lol)


#4

Obviously not the news any of us wanted, but its good to see we’re still getting weekly updates despite the content not being ideal.


#5

I feel pretty terrible relaying this news. Thank you for understanding I expect to see some less positive comments.

We will be using different shipping company this time. It’s actually owned by our investors should be substantially faster than before.


#6

Disappointed to hear but I’m really thankful for the transparency. Wishing all the best for the upcoming meeting.


#7

You can use the time gained by this delay to update the shipping estimator in our orders from September to November. At least.


#8

Yes, a very disappointing development.

I am truly sorry for you guys but more sorry for we the customers. I get the refund update but can you give a realistic date when you expect refunds to start being delivered. Correct me if I am wrong but from what I am reading “week of the 15th” means Oct 19th (at the earliest). meaning 2 weeks from start shipping V’s to customers that funds be released? maybe a month, than 2-4 weeks to process the refunds so maybe I will get my refund by Christmas? Does that sound about right? Anyone?

Yes, very disappointed. Yes, still very angry. But thank you for the update.


#9

Added to that, maybe send out an email to the waiting customers. (I suspect quite a few to not be active on here and they too should be informed).


#10

I am so disappointed to hear this. And I am angry that we kept getting a carrot dangled in front of our faces and we have zero recourse at this point.

A new week, a new excuse in being inept.


#11

Acctually thiis is like a bad dream ! So when do you expect to ship the devices - please give me a date - no “explanations” ; THANKS


#12

Feel what we feel amigo… being helpless, sitting here waiting sth to come to you. Investors gave u hope, like what you gave us months ago :slight_smile:


#13

My question is what happens if the private investor backs out on October 15th?

I have been trying to follow this at a distance and I am trying to understand if there are sufficient funds at all? The funds could be frozen for a short period but I have never seen anything like this and I do have a lot of experience in this area.

I think a decision will need to made on retaining control of the company or meeting the commitment to the supporters as I can see the bigger investor leveraging this to their advantage.

So, for me, I will give things once last chance as of October 15th, if things go past that date then I am out and will have to move on recovering my funds. I did this as a purchase and never have had a purchase go over eight weeks before delivery…we are now heading into an annual anniversary.


#14

Q: Will you be addressing the issue of accessory orders? Will the orders be shipped complete, or will we get two shipments.


#15

I would be interested to know if Eve at least ships few devices each week, as funds get unfrozen, or if they completely stopped shipping.


#16

I’d assume, judging by the lack of people on here saying they’ve received their V they’ve not shipped anything for a few months now.


#17

This weekly update implies they can’t, as the manufacturer is keeping the Vs until they receive the money from Eve-Tech, which in turn is waiting for it by the investor.


#18

I have to be honest I really am beginning to believe we are never going to be seeing any V’s.


#19

Wow!!
But then again no one is surprised


#20

Can’t wait to see this moment!