Courtesy Photo / DeLorean Motor Co.
San Antonio-based DeLorean Motors Reimagined raised at least $3 million in customer deposits to build its Alpha 5 electric vehicle, shown in this publicity shot.
The signage at DeLorean's building at Port San Antonio had been taken down as of a Monday morning visit, and the company's offices appeared abandoned. What's more, both phone numbers listed on DeLorean's website have been disconnected.
The Current reached out to DeLorean Chief Brand Officer Cameron Wynne, Chief Financial Officer Dean G. Hull and Chief Technology Officer Ben Marquart via company email addresses but got no response by press time.
The shutdown is the latest twist for the EV start-up that grabbed international attention by promising to resurrect one of the 1980s most iconic vehicles. In early 2022, DeLorean officials announced plans to relocate to San Antonio, pledging to create hundreds of high-paying jobs, and at one point even touted plans to build a hydrogen-powered car.
Local leaders praised the development, and both the city and county said they'd pony up relocation incentives if DeLorean made good on its job-creation goals. However, the venture fell short of its staffing plans and has yet to begin rolling electric cars off an assembly line.
The company booked orders for its Alpha5 EV car by selling none-fungible tokens, or NFT's, for $2,500 to $3,000 on its website as deposits. NFTs are unique digital assets that exist on a blockchain and can't be reproduced or edited.
DeLorean raised at least $3 million in NFT deposits for the Alpha 5 since launching in 2022, according to available transaction information. However, depositors began raising concerns in October after DeLorean repeatedly failed to launch an exchange where customers could buy and sell their NFT's.
Radio silence from company executives about a production schedule for the Alpha 5 also raised alarm bells.
Those concerns escalated Monday morning.
Some depositors said on Facebook that they could no longer access their NFTs via DeLorean's website. Indeed, Florida resident Ken Brackins, who shelled out $5,000 for two Alpha5 build slots, told the Current Monday morning that he no longer had access to his tokens.
"I'm sure that somebody will come up with some kind of class action suit, but I wouldn't expect to recover anything," Brackins said. He also questioned whether the company will file for bankruptcy protection.
Even so, Brackins added that he's "not shocked" by the outcome, considering concerns he had about the company in recent months.
As of Monday, DeLorean had filed no petition with the San Antonio-based U.S. Bankruptcy Court for the Western District of Texas.
Michael Karlis
DeLorean signage at the company's corporate headquarters at Port San Antonio had been removed as of Monday, and it's offices appeared to be abandoned.
Jessica Serna, a partner at San Antonio-based KGB Texas, which once handled DeLorean's marketing and advertising, she couldn't comment on the EV venture's current situation since it's no longer a client. She didn't disclose when the agency stopped working with DeLorean.
The closure of DeLorean's Port San Antonio offices comes months after company officials sent out an email to investors announcing the company had made significant changes to its leadership. The company's initial CEO, Joost De Vries, had resigned in December.
"These changes have led to inspiring strategic initiatives, which we will share in 2024 along with any updates on future vehicles," executives wrote in the Jan. 31 message.
Bexar County ended its incentive deal with DeLorean a few weeks prior to the email.
Initially, DeLorean pledged to create 450 jobs at its San Antonio offices in exchange for about $1 million in tax breaks from the city and county. However, those hiring plans appeared to be stuck in neutral. The Current reported in October that DeLorean's LinkedIn information showed it only had 18 people on staff.
Alpha 5 depositor Thomas Vincent told the Current Monday that he wants Bexar County District Attorney Joe Gonzales to open an investigation into the car startup's funding.
"They shouldn't be allowing companies to operate like this," Vincent said.
Gonzales' office didn't immediately respond to requests for comment.
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