Porsche shutters e-bike, battery, software subsidiaries as part of company overhaul
More than 500 people will be affected by the closures.
e-bikes
Rad Power Bikes reaches deal to sell itself for $13.2 million
A company called Life Electric Vehicle Holdings has emerged as the top bidder for Rad Power’s assets. It’s not clear what the company plans to do with them, though.
Rad Power Bikes files for bankruptcy and is looking to sell the business
It’s the latest e-bike company to seek bankruptcy protection after pandemic-era excitement for the category wore off.
Rad Power Bikes’ batteries receive major fire risk warning
The U.S Consumer Product Safety Commission claims Rad Power “refused to agree to an acceptable recall.” Rad Power says the CPSC’s solution would bankrupt the company.
Rad Power Bikes faces shutdown in January without new funding
Seattle-based Rad Power has gone through multiple rounds of layoffs over the last few years coming out of the pandemic. However, the company is “still fighting to find ways to continue” according to an email viewed by TechCrunch.
Amazon will buy thousands of pedal-assist cargo vehicles from Rivian spinoff Also
The pedal-assist cargo quad vehicles are narrow delivery vans that can operate in a bike lane.
Whizz co-founder says Trump’s Chicago crackdown is scaring delivery workers off the streets
Whizz has seen e-bike rentals drop by about 8% since Trump threatened to send National guards troops to the city.
Rivian spinoff Also raises another $200M to build e-bikes and more
Also, the micromobility startup that spun out of Rivian this year, was raised $200 million from Greenoaks Capital.