Estonian Kõu Mobility group created a tax debt of about €500K

Estonian Kõu Mobility group, a parent company of Comodule, created a tax debt of about €500K during recent months. Most of the debt is still outstanding. According to the company, financial difficulties appeared after the acquisition of Estonian manufacturer of electric bicycles Ampler in February. Besides, Kõu Mobility group has debts to its business partners. 

Comodule’s CEO Kristjan Maruste promises to overpass the difficulties step by step. He says that the company had expected to sell more vehicles. It has ordered components for the production of the wheels, and now finished wheels are stocked in the warehouse. At the same time, the value of the warehouse is increasing at a high rate, and there is a cash flow crisis.

Kõu Mobility Group was founded in Tallinn in 2011 by Kristjan Maruste, Teet Praks, and Heigo Varik. It has more than 300 employees. According to the company, as of 2023, it has empowered nearly one million vehicles worldwide.