Key Takeaways
- The sale price of Juiced Bikes, a high-performance e-bike company, was $1.2 million.
- According to reports, the company was on the verge of going bankrupt, and for weeks, all of its products were listed as out of stock on its website.
- Various e-bike companies have been impacted by industry issues, such as supply chain disruptions and diminishing demand.
An online auction site has sold Juiced Bikes, an electric bicycle firm situated in Southern California, for $1.225 million.
The sale comes after a time of uncertainty for the business, which had repeatedly indicated that it was close to going bankrupt.
Juiced bikes are sold at auction due to financial difficulties
Various firm assets, including patents, company URLs, and a Sprinter cargo truck, were reportedly up for auction. Inventory from the US and China is also included in the agreement.
According to numerous industry sources, Juiced’s assets may have been acquired at a discount by a competing e-bike firm or a major institutional investor.
Although the buyer’s identity is unknown, $1.225 million was the entire sale price.
Although the sale hasn’t been formally verified, officials’ lack of response to consumer inquiries and the company’s website showing products as out of stock for weeks have raised questions about the company’s future.
One of the first companies in the direct-to-consumer e-bike sector was Juiced Bikes, which was founded in 2009 by American Olympian Tora Harris.
Juiced is renowned for creating high-quality models like the JetCurrent and HyperScrambler, and it has a strong reputation for the durability of its batteries and the versatility of its e-bikes.
Further indications of danger for the once-popular brand came from news of layoffs and the listing of the company’s assets for sale on a website frequently used by companies going out of business.
This discount occurs while the e-bike market deals with serious post-pandemic issues.
Demand for e-bikes increased during the COVID-19 pandemic as consumers looked for affordable, environmentally responsible ways to commute.
Government programs encouraging bike lanes and the expansion of e-commerce companies that use e-bikes for last-mile deliveries contributed to this increase in demand.
E-bike Businesses Are at Risk of Bankruptcy
Juiced is not the only e-bike company experiencing financial issues. Another maker of electric motorcycles, Fuell Inc., recently declared Chapter 7 bankruptcy, claiming that it was unable to cover the costs of labor and services required for product assembly and shipping.
The collapse of Fuell, which comes after that of the Italian company Energica, signals a difficult time for all electric vehicle makers.
