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British electric motor developer Saietta has gone into administration after running into cashflow problems.
The Silverstone-based company built lightweight axial flux traction motors aimed at smaller EVs, such as motorbikes and three-wheelers.
It was unable to keep itself afloat after backing out of a deal earlier this year to contract-manufacture electric steering pumps at its plant in Sunderland.
Saietta put itself up for sale in February but as of 4 March hadn’t received an offer with enough cash attached to keep it going, it said in a filing to the London Stock Exchange.
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