The company is understood to have been hit by the dwindling value of electric cars, with its borrowings secured against its fleet.Announcing its investment last year, Wian Pieterse, a managing director at L&G, said:"At Legal & General we're committed to playing our part in tackling the climate crisis and investing with purpose into companies that do good.
"Onto is an exciting example of this; an ambitious company with a talented management team that will play a vital role in accelerating the transition to electric vehicles. "We expect to see increasing demand for subscription models that not only pave the way towards a sustainable way of living but also meet the needs of those who don't want to tie up valuable savings or incur a loan to buy a car.", which may be using cookies and other technologies. To show you this content, we need your permission to use cookies. You can use the buttons below to amend your preferences to enablecookies or to allow those cookies just once.