In a significant shift for the electric bike industry, Rad Power Bikes has transitioned ownership to Life Electric Vehicles Holdings following its bankruptcy. This acquisition marks a new chapter, as the company aims to revitalize its operations under the name Rad Life Mobility. CEO Robert Provost expressed optimism about reclaiming market leadership and expanding the brand's reach.
As part of the restructuring, offers have been made to rehire approximately 95% of the workforce affected by layoffs during the bankruptcy process. So far, around 70 former employees have accepted the offers, and Provost encourages additional former staff to reach out for potential re-employment.
Provost also mentioned the addition of new personnel, including Jim Brown, who will serve as president and brings extensive experience from the automotive sector. Operations will maintain a presence in Seattle while also establishing some front office functions in Utah.
Despite the challenges faced by Rad Power Bikes, the original branding will persist on products and retail locations, maintaining the legacy of a brand once recognized as a leader in the e-bike market.