Life EV officially owns Rad Power Bikes now
The Rad Power brand is expected to live on.
The Rad Power brand is expected to live on.
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.
iRobot, Luminar, and Rad Power Bikes were very different companies, but they faced some similar challenges.
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It’s the latest e-bike company to seek bankruptcy protection after pandemic-era excitement for the category wore off.
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.
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.