Life EV officially owns Rad Power Bikes now

Life Electric Vehicles Holdings, commonly referred to as Life EV, has officially taken ownership of Rad Power Bikes, acquiring its intellectual property, inventory, and select operating assets for a sum of $13.2 million. This acquisition comes in the wake of Rad Power Bikes filing for Chapter 11 bankruptcy protection last December, after struggling for several months and warning its employees of potential shutdowns without additional funding. Despite these challenges, Life EV is committed to maintaining the operations of Rad Power Bikes. The company will continue to retail under the Rad Power Bikes brand in the United States and aims to extend its retail presence in key markets. Life EV has also assured existing customers that it will honor warranties and gift cards, addressing concerns over the future of their purchases. Based in Florida, Life EV has made a name for itself by acquiring and developing various electric bicycle and micro-mobility brands. While the purchase of Rad Power Bikes marks a significant milestone, it is not their only venture. The company also has a stake in LEV Manufacturing, which is behind the Serial 1 premium electric bicycle brand that originated from Harley-Davidson. This latest acquisition aligns with Life EV’s strategic plan for expansion across North America.