German Supercar manufacturer Gumpert have filed for insolvency following unsuccessful plans to increase sales in China.
The company who are based in Altenberg filed with a local court in Gera appointing Mr Gorge Scheid as the insolvency administrator.
The small workforce of thirty people are positive the company will be able to recover following preliminary talks.
Formed in 2004 by Roland Gumpert a former Director of Audi Sport the marque produced one model during its eight years, the Gumpert Apollo featuring a 4.2 litre V8 engine with 650hp in a chassis that weighs just 1,100kg. 0-100km/h is possible in just 3.1 seconds, 200km/h in 9.1 seconds and with a top speed of 360.4km/h.
In 2011 theCheckeredFlag.co.uk was given a rare opportunity to experience the Apollo supercar in full flight at the Estoril race circuit by Michelin, check out the video below.