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.