"Rad Power Bikes has helped define the e-bike category in North America with its innovative products and passionate rider community. Respecting and preserving that legacy - its brand, vision, and leadership - is foundational to this acquisition. Together, we will build on that trust and create new opportunities for riders nationwide."
"The completed acquisition marks the end of a turbulent period for Rad. Back in December, the company was forced to file for Chapter 11 bankruptcy after the Consumer Product Safety Commission (CPSC) warned Rad's customers to immediately stop using some of its e-bike batteries due to a serious fire hazard."
"Life EV now owns Rad's brand, intellectual property, inventory and certain unspecified operating assets, and will continue to operate as Rad Power Bikes in the US, with plans to expand to select key markets. New bikes will be built in the US going forward using a Foreign Trade Zone structure."
Life EV, a Florida-based company, completed a court-approved acquisition of Rad Power Bikes, the troubled e-bike manufacturer that filed for Chapter 11 bankruptcy in December following CPSC warnings about fire hazards in its batteries. Life EV now owns Rad's brand, intellectual property, inventory, and certain operating assets, and will continue operating under the Rad Power Bikes name in the US with expansion plans to select key markets. The new owner committed to honoring existing warranties and gift cards, and will manufacture new bikes in the US using a Foreign Trade Zone structure for customs advantages. This acquisition provides a second life to the brand that helped define the North American e-bike category.
Read at Engadget
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