Venture capitalists climbed aboard the e-bike bandwagon. In 2021, Rad Power and VanMoof raised $300 million and $128 million, respectively, from investors anticipating ongoing growth.
That’ll be be when the trouble started.
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Flush with cash and accustomed to rising demand, many companies placed big orders for new models and parts. That proved to be a major miscalculation in 2022, when sales began to soften, leaving retailers and manufacturers with excess inventory.
Yep.
Something obvious is missing from most analyses of this problem: the rise of e-scooters. Specifically, the ones we can’t agree on a name for. Kick scooters, or foot scooters, or skateboards-with-handlebars or whatever they’re called. Like it or not, they’re much more practical than cumbersome e-bikes for short trips.
They’re less cumbersome to carry, but they’re more cumbersome in terms of ride quality or if you have to haul stuff. Personally, I opt for a skateboard if I need something compact for super short distance, but I understand the appeal of scooters because they don’t have the steep learning curve that boards do.
