Rad January funding or close

[Elyot919]

If you need any replacement parts or extra battery, it might be a good time to get your order in. Rad is telling its employees that without new funding, they will close in January:
Rad Power Bikes has informed its employees that it will shut down in January if it is unable to find new funding or get acquired, according to an internal staff email viewed by TechCrunch.

The company’s leadership is “still fighting to find ways to continue,” and “the cessation of Rad’s operations is not a forgone conclusion,” according to the email, which was sent by Rad Power’s “people team.” Rad Power employees were told there had been a “very promising” option to keep the company alive that “appeared to be likely to close,” but the deal — which was not specified in the email — “did not come to fruition.”


“Rad is nothing without its people and wants to ensure that all employees are taken care of and provided for to the fullest extent feasible. Executive leaders are hopeful that a viable solution will be found to ensure that Rad team members remain gainfully employed for the foreseeable future. However, to be fully transparent, despite our collective efforts, it is possible that this may not happen, and Rad may be forced to cease operations,” the email reads. GeekWire was first to report the contents of the email.

Seattle-based Rad Power has gone through multiple rounds of layoffs over the last few years coming out of the pandemic. While the early pandemic days were a boon to micromobility companies like Rad Power, a “sudden drop in consumer demand” left the company saddled with excess inventory, according to the email viewed by TechCrunch. “Rad continues to face significant financial challenges, including in the form of tariffs and the macroeconomic landscape.”


“At this time, Rad’s leadership is focused on supporting our employees, serving our Rad Riders, and giving Rad the best chance for longevity,” a spokesperson for the company said.

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.

finance.yahoo.com

This is really tough news for the industry and the employees involved. Hopefully, things turn around, but stocking up on necessary components early seems smart.

 

[scottsdalecommuter]

seems like a lot of folks i know are moving away from ebikes towards scooters for what that is worth, don't know how to pull industry sales data but my brother sold his e-bike for an e-scooter and has been really pleased with the change, i rode it last time I was in LA and it is pretty fun to ride and a different experience than an e-bike for sure, i may get one soon but not get rid of my ebike too

 

[teskow]

I didn't get rid of my e-bike but did buy an electric scooter which is governed at 22MPH. I must say I use lots. It is just so easy to just step on , sit on if I wish and do my errands. It may just be going to the mail box which is about 3/4 of a block away, up a hill. It is a toss up with the bike to the library which is one mile away. The scooter gets used as a daily convenient tool which can be thrown in the of the car if need be. I only have to charge mine about every 30-35 miles.
In short I love the damn thing.