Paragon AG buys Artega, production cars discontinued
Back in July, the future of Artega was cast into doubt after the automaker filed for insolvency. Well, the good news is someone has bought the company. The bad news is they didn’t buy it to build cars.
Recently, Paragon AG took over all of the assets of the insolvent Artega Automobil GmbH & Co. KG with one caveat: they have no plans to resume production of Artega’s sports car, the Artega GT.
Instead, Paragon AG plans to use its newly acquired resources in staff and space to continue to develop its new Electromobility and Body-Kinematics divisions. The acquisition of Artega also lets Paragon AG to take full control of the company’s stage, enabling the latter to double its development team to 40 employees.
In a press release announcing the purchase, Paragon AG laid out its plans for Atria, including the use of the latter’s former headquarters in Delbrück, Germany to set up their own technology center, as well as expanding prototype construction, setting up a bespoke application service for customers, and manufacture products on a larger scale.
"We are therefore strengthening operations at our headquarters in the long term and ensuring job security for the future," said Klaus Dieter Frers, Chairman of the Managing Board.
Hit the jump for the full presser.