Electric bike brand SONDORS files for IPO with new product hints, but details raise troubling questions
The Malibu-based electric bicycle company SONDORS recently submitted filings to the US Securities and Exchange Commission (SEC) indicating that it seeks to go public, which would make it the first e-bike company in the US to do so. But in addition to revealing some interesting new future products, the filings shined some light on past missteps and gave customers who claim that the company misleads the public ample ammunition.
We’ve seen several electric mobility companies go public in the US recently, including Harley-Davidson’s electric motorcycle brand LiveWire, Taiwanese battery swapping giant Gogoro, and Texas-based electric powersports company Volcon.
But SONDORS would become the first electric bicycle maker to hit the US stock exchanges.
The company shot to stardom back in 2015 when it debuted a $500 fat-tire electric bicycle in a massively popular crowdfunding campaign.
In the years since, SONDORS has continuously added to a rapidly expanding electric bicycle product portfolio, as well as branched out into a light electric motorcycle known as the Metacycle and a perpetually stalled three-wheeled electric “car” project.
The company recently submitted an S-1 filing, which is a federally required form that any company seeking to go public must file with the US SEC. SONDORS’s filing gives us never-before-seen insight into the company’s operations and financial standing.
Most privately owned electric bicycle companies like Rad Power Bikes and Lectric eBikes are purposefully opaque about their business metrics. We have to rely on publicly available import data and industry whispers to extrapolate information like annual sales data, with both of those companies estimated to sell e-bikes in the six-figure volumes annually.
But looking through SONDORS’s prospectus document shows deeper insight into the company that also reveals some unflattering information. For starters, while other major e-bike companies like Rad and Lectric are assumed to be well into profitability at this point (despite their exact financials not being known to the public), SONDORS’s financial reports in the filing that cover the previous two fiscal years show that the company operated at a net loss in both 2020 and 2021.
The financial documents reveal that both years actually saw positive gross profits on products sold, with between $12M to $16M in revenue and $3.5M to $4.5M in gross profits. But the company spent between $2M to $3M in marketing and between $2.4M to $4.8M on general and administrative expenses, which typically includes items like salaries, rent, maintenance, office expenses, interest on loans, insurance, etc. That resulted in net losses of $745,000 in 2020 and $4.9M in 2021.
The financial documents also reveal a high liability to asset ratio of over 1, which would indicate that a company currently has more liabilities than assets. That could mean that if a company doesn’t raise additional funds or increase revenue, it could eventually be unable to meet its current financial obligations.
The S-1 filing submitted by SONDORS states this explicitly, with the company writing that, “Our ability to continue as a going concern will be determined by our ability to complete this offering. If we are unable to obtain adequate funding from this offering or in the future, or if we are unable to grow our revenue to achieve and sustain profitability, we may not be able to continue as a going concern.” A going concern is MBA-speak for a business that can meet all of its financial obligations.
In this case of SONDORS, the financial reports indicate that the high liability to asset ratio is mostly due to a large amount of customer deposits associated with pre-orders for products. These are recorded as a type of liability until the products are delivered.
Out of the company’s current $22.9M in liabilities, as stated in the financial reports ending in June 30, 2022, approximately $19.4M is made up of customer deposits. That compares to the total current assets of $18.5M for the same period, consisting mostly of $5.2M in cash, $4.8M in inventory, and $7.95M in prepaid expenses.
The filing also revealed more information about the stalled deliveries of SONDORS Metacycle electric motorcycles.
We reported in the past that the lightweight electric motorcycles have taken a circuitous path to delivery. The bikes finally began deliveries in the past few months but were only limited to pre-order customers located in California. Now we’re learning that a licensing issue may be related to the slow rollout.
As the company explained in the filing, “In the second half of September 2022, we determined that we had inadvertently delivered a limited number of MetaCycles to some of our customers before we had obtained all necessary licenses. As a result, we have ceased delivering MetaCycles and are in the process of applying for and obtaining such licenses and we will commence deliveries of our MetaCycles once we obtain the requisite licenses. We expect to obtain our dealers license in the State of California by the early part of November 2022.”
The document also raises questions about the true number of electric bicycles that the company has delivered since its founding.
For example, SONDORS writes in the filing that they have “played a critical role in creating the e-bike category by developing, manufacturing and selling one of the first e-bikes at scale both domestically and internationally and have delivered over 51,000 units in 72 countries since 2015.”
However, the company has repeatedly claimed much higher sales volume in marketing material and to the press, such as on this page of the company’s website that claims to have delivered more than 250,000 electric bikes and marketing from late last year that claimed, “We’ve put 200,000 SONDORS riders on the road!”
A number of interesting operational and planning details were also revealed in the documents.
The company stated that it currently has around 11,000 pre-orders for the Metacycle, and gave further insight to future vehicles that could follow the Metacycle.
“We are currently designing an electric all terrain vehicle (ATV), an electric dirt bike, a larger version of the MetaCycle, MetaCycle-stylized e-bikes and other e-mobility products. These planned product offerings are in the design and prototyping phase at our California-based engineering facility and are being designed with a focus on our core tenets of industry leading style, exceptional performance and affordability.”
Electric ATVs is a sorely underdeveloped market with few entries available. If SONDORS could bring a product to market and introduce it with the company’s signature low entry pricing, it could be a major boon for the market.
Additional larger electric motorcycles like a scaled-up Metacycle or even electric bicycles and mopeds styled after the Metacycle could also be interesting additions to the market.
Electrek’s Take
First of all, there are many questions that have been raised here that SONDORS deserves the right to respond to. We reached out to the company for comment before publishing and will update if and when we receive a response.
We wouldn’t have known any of these details had it not been for SONDORS submitting its S-1 form in anticipation of going public. But now that we do, there are many questions left unanswered.
SONDORS has done an impressive job building a diverse range of e-bikes and becoming the first e-bike owned by many riders. The Metacycles that have already been delivered are also great rides — I recently tested one myself (and I’ll have the review finished and posted here on Electrek soon).
But the questions regarding the company’s financial and operational health as well as potentially misleading marketing do worry me, both as a consumer and as someone who advocates for the electric bicycle industry as a whole. The undeniable potential of e-bikes and light electric vehicles to serve as clean, efficient, healthy, and fun alternative forms of transportation is critical to improving cities around the world. As a major player in that industry, I hope that SONDORS has the capacity to succeed, both in fulfilling its commitments and in positively contributing to the industry.
The questions raised by the company’s S-1 filing certainly make me hope that the SONDORS management will be forthcoming about this information and its implications.
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Seventeen state attorneys general and DC are fighting a Trump executive order that froze permits and funding for all onshore and offshore wind projects on January 20.
The coalition is asking a federal judge to declare the executive order illegal and prevent the Trump administration from obstructing wind energy development. It was filed in federal court in Massachusetts.
New York attorney general Letitia James is leading the coalition. James said, “This arbitrary and unnecessary directive threatens the loss of thousands of good-paying jobs and billions in investments, and it is delaying our transition away from the fossil fuels that harm our health and our planet.”
Federal agencies have stopped issuing permits for wind projects across the board and even pulled the plug on the fully approved Empire Wind in New York, which was already under construction. Developer Equinor, majority owned by the Norwegian government, went through a seven-year permitting process and is considering separate legal actions.
Massachusetts attorney general Andrea Joy Campbell said that Trump’s “attempts to stop homegrown wind energy development directly contradict his claims that there is a growing need for reliable domestic energy.”
The coalition argues that the action violates the Administrative Procedure Act and other federal laws because the Trump administration, “among other things, provides no reasoned explanation for categorically and indefinitely halting all wind energy development.”
Trump’s executive order puts billions of dollars in state investments at risk, jeopardizing everything from wind industry infrastructure to supply chains and workforce training that’s already well underway.
The coalition consists of attorneys general of Arizona, California, Colorado, Connecticut, Delaware, District of Columbia, Illinois, Maine, Maryland, Massachusetts, Michigan, Minnesota, New Jersey, New York, New Mexico, Oregon, Rhode Island, and Washington.
Read more: Trump admin halts $5 billion NY offshore wind project mid-build
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Professional salespeople love to talk about “the steps of the sale,” a tried-and-true process that guides every customer from curiosity to closed. But when it comes to electric cars, that old-school hustle can fall flat, leaving dealers struggling with how to fit them into their familiar playbook. But what if I told you, dear dealer, that there’s a whole category of vehicles on existing dealer lots that need to be approached in exactly the same way as an EV to score a successful sale that you’re already familiar with?
That category: Heavy-duty tow trucks. Here’s how selling one is a lot like selling the other.
That’s right, greenpeas – selling a tow-rated pickup truck to someone who’s buying it primarily to haul a trailer, boat, or RV is a delicate thing that requires salespeople (and sales managers) to approach their customers with a lot more patience and empathy, and a lot less, “what can I do to get you to drive this home, today?” And, as we go through the whys and hows, I think you’ll agree that all the heavy truck selling wisdom we’re going to cover today will help you sell more electric cars, more often, and for more money.
1. Discovery is where the deal gets done
When it comes to heavy-duty tow vehicles, most smart dealers understand that their customer probably has a better understanding of their individual needs than they do – but it’s still a good idea to go over that understanding during the discovery phase of the sale.
Has the customer factored in the weight of the trailer and the weight of everyone and everything else inside it? What about the weight of water, tools, or animals? Do they fully understand the concepts of GVWR and GCWR, and the difference between trailer weight and tongue weight? Will they have enough range, when fully loaded, on their standard fuel tank or will they need an aux. tank? What about the future – are they thinking about upgrading their RV or hauling bigger loads longer distances?
In other words, the customer has to trust that the vehicle they’re about to buy from you will meet their needs and fit into their lives today, while also meeting their needs in the foreseeable future. That’s what it looks like in a truck, but now apply that to an EV.
Has the customer mapped out the routes they take every day to make sure they can make the drive? That might sound ridiculous to you and me, but what if they’re depending on a single DC fast charger out on a rural stretch of highway to get the EV to meet their needs? What if they think 200 miles of range is 200 miles of range, but they like to drive 80+ mph (on Chicago’s I-290, that’s a minimum safe travel speed), do they understand that speed impacts range as much as weather?
Tools like Chargeway are great for helping dealers explain EV charging speeds, the impacts of speed and topography on range, and – especially in this era of NACS adapters – where buyers of used or off-lease EVs can charge up and get back on the road.
In either case, the salespeople who take the time in discovery to understand their customers’ needs and become consultative partners will make a sale, the ones who rush through the process won’t, and the ones who sell their customers the wrong thing will make a problem (if not an expensive lawsuit) for the dealership.
2. Options really do matter
When you’re selling a conventional ICE-powered crossover to a typical suburbanite, moving your customer up or down a trim level doesn’t typically impact their use case. Sure, they might have to keep their foot planted a little longer to get up to highway speeds or learn to live with cloth when they really wanted leather or vinyl vegan leather, but they’ll still be able to get five-to-seven adults from point A to point B with the same general effectiveness.
That’s not true when it comes to trucks that are going to get put to work. There, the difference between one axle ration and another can have a huge impact on driver comfort, towing capabilities, and fuel economy – and going from a one-ton truck that’s just outside the customer’s budget to a half-ton that you happen to have on the lot could get someone seriously hurt or killed.
On an EV, the difference might not be so dramatic, but the difference between a Nissan LEAF SV Plus with a 212 mile range and a Nissan LEAF S with 149 miles of range? That could mean the difference between getting to grandma’s house in three hours or five – that’s assuming your customer could even find a CHAdeMO port in the first place!
It may be tempting to switch the customer to a vehicle you have on the lot (especially if that vehicle happens to be an aged unit with a fat spiff on it), but the long-term pain isn’t worth the short-term gain on this one.
3. Information is your friend
This might feel like a duplicate of the discovery phase, but think of it as a member of the “measure twice, cut once” advice genre. That is to say that, sure – the customer thinks that new 5th wheel RV they have on order weighs 11,000 lbs., but does it? Did they add any options of features (see no. 2) that make it heavier? Get the information from the RV manufacturer or dealer and confirm as much as you can. That extra work will help keep your customer safe and build trust.
Similarly, you’ll want to verify your assumptions when it comes to EVs. Is that once-a-month 300 mile drive really 300 miles, or is it 330? Is there more than one charging option available on their preferred route? Is the customer able to make their trip without changing the way your they drive? Are they willing to change up where they stop, or for how long?
When it comes to EVs, especially used ones that came onto your lot as part of a trade deal that you may not be intimately familiar with, I cannot stress how much route planning apps like Chargeway or A Better Route Planner can help salespeople answer questions about electric vehicles confidently and correctly, generate trust, and drive referrals.
4. Aftersales support is critical
Successful salespeople follow up – not just with prospects who are still shopping, but with customers who have already bought. And, just as RVers know other RVers, RV salespeople who get positive feedback about a local dealer who takes the time to make sure their customers get the right truck know RV customers who might need a right truck of their own.
Yes, those RV salespeople might expect a $100 bird dog bonus to send their customers your way, but the money on its own isn’t enough. They have to know they can trust you with their customers, and you build that trust in steps 1-3, above.
It doesn’t take a genius
If there’s one company that absolutely gets it when it comes to helping customers discover whether or not an EV can fit into the way they live, work, and drive today it’s BMW. Their take on the Apple Genius Bar helps consumers set reasonable expectations, understand charging speeds, and build customer loyalty – that’s why they’ve snatched the top spot in the J.D. Power U.S. Electric Vehicle Experience (EVX) Ownership Study for the last few years.
The reason BMW is consistently pulling ahead? It seems to come down to education. “First-time EV buyers are receiving minimal education or training,” explains Brent Gruber, executive director of the EV practice at J.D. Power. “Dealer and manufacturer representatives play the crucial role of front-line educators, but when it comes to EVs, the specific education needed to shorten the learning curve just isn’t happening often enough. The shortfall in buyer education is something we’re seeing with all brands.”
And, if you’re still not quite convinced that you need to learn how to sell EVs to be successful on the sales floor, think again.
Overall, 94% of BEV owners are likely to consider purchasing another BEV for their next vehicle, a rate that is also matched by first-time buyers. Manufacturers should take note of the strong consumer commitment to EVs as the high rate of repurchase intent offers the ability to generate brand loyal customers if the experience is a positive one. In fact, during the past several years, the BEV repurchase intent percentage has fluctuated very little, ranging between 94-97%. This year’s study also finds that only 12% of BEV owners are likely to consider replacing their EV with an internal combustion engine (ICE)-powered vehicle during their next purchase.
Listen to an EV convert who has desked an awful lot of car deals, greenpeas – if you treat every EV customer the same way that crusty old fleet rep treats his truck buyers, you’re going to sell a whole lot of EVs. And, if you’re a brave enough little toaster to follow up and ask for that referral, you’ll find that EV buyers know other EV buyers.
Happy hunting.
Original content from Electrek.
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Tesla’s Cybertruck inventory has skyrocketed to a new record high of more than 10,000 units. The vehicle program is in crisis.
We reported at the beginning of April that Tesla ended the first quarter of 2025 with at least 2,400 Cybertrucks in new inventory available in the US.
There’s no exact way to track Tesla’s inventory in the US, but there are ways to track Tesla’s Cybertruck listings. Sometimes, Tesla may have many vehicles with the exact same configuration at the same location and it will only publish a single listing for it.
Therefore, Tesla might have been sitting on more Cybertruck inventory.
A month later, the number of listings in the US has skyrocketed to over 10,000 Cybertrucks, according to Tesla-Info.com:
This surge could be due to an actual net increase in Cybertruck inventory, but Tesla is also heavily discounting the trucks at varying rates, creating several different prices and, therefore, more listings.
At an average sale price of $78,000, Tesla could have almost $800 million worth of Cybertrucks.
Due to low demand, Tesla appears to have significantly slowed down Cybertruck production in recent months. Therefore, this surge is likely more about Tesla discounting the vehicles, exposing the broader US inventory, than an actual major increase in inventory due to more production.
Many of the Cybertrucks in inventory were built in 2024, so they are already at least four months old. Tesla still has ‘Foundation Series’ Cybertrucks in inventory, which it stopped producing in October 2024—more than seven months ago.
Tesla recently launched the Cybertruck RWD, but it has given up on making it with a smaller battery pack and instead removed many important features.
Electrek’s Take
This is about as bad as it gets. Over 10,000 units account for about two quarters of Tesla’s Cybertruck sales.
It already looks like Tesla has slowed Cybertruck production down to a crawl, but I wouldn’t be surprised if it pauses it soon. The hard part for Tesla is to admit defeat.
The Cybertruck RWD using the same battery pack as the AWD was already a sort of admission that Tesla found the vehicle program to be too small to be worth being produced with two battery pack sizes. The automaker did the same with Model S/X when the program’s volumes shrank following the launches of Model 3 and Model Y.
It looks like under the current circumstances, Tesla will have issues selling more than 20,000 Cybertrucks per year in the US despite having planned production for 250,000 units.
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