Major electric bike maker came close to financial collapse at end of 2022
Only a couple years ago, electric bicycle manufacturers couldn’t keep e-bikes on the shelves as they were being snatched up faster than they could be produced. But while some e-bike companies have managed to keep up a steady cash flow and balanced operations, others have run into financial difficulties. For European e-bike maker VanMoof, those difficulties turned into a dire situation just a few months ago.
As reported by Dutch media company Financieele Dagblad, VanMoof nearly ran out of money to pay its bills late last year.
The company has since managed to raise sufficient funding from its original British and Chinese investors to make it out of the woods, but there were surely some sleepless nights for the management team at the end of 2022.
VanMoof’s annual report, filed at the end of last year, described the company’s immediate need to raise capital. Without a quick injection of funds, the company could not guarantee its “ability to continue its activities beyond the first quarter of 2023.”
The report revealed that VanMoof had asked its suppliers to defer payment until after additional capital had been raised. That’s a move that other large bike companies including Giant have been forced to make recently, according to Cycling Industry News.
VanMoof’s electric bicycles fall into an interesting niche among European e-bikes. The e-bikes, which range from around €2,500 to €3,000 in Europe, rely on more affordable hub motor drivetrains and thus undercut the higher-cost European e-bikes made by companies like Urban Arrow, Riese & Müller, Gazelle, and others.
Those lower prices along with sleek design and strong branding have helped VanMoof scoop up higher sales volumes.
But VanMoof maintains a massive workforce, reaching as many as 900 employees at one point. The company also operates brand stores in several countries across North America, Europe, and Asia.
Despite reporting tens of millions of euros in revenue each year, maintaining that large employee base and broad geographic footprint of brick-and-mortar stores hasn’t been cheap. Fortunately for VanMoof fans though, the company’s most recent 11th hour cash infusion from its existing investor base seems to have helped VanMoof return to steady footing for now.
Such economic hardships haven’t only affected e-bike companies like VanMoof. Other light EV companies have found themselves in similarly precarious financial standing. We recently reported on Oregon-based Arcimoto suspending production and laying off a large number of employees while it seeks to quickly raise enough funding to continue operations.
In that case, Arcimoto has been hampered by its much higher cost of production for highway-legal motorcycle-class electric three-wheelers that have so far failed to achieve the demand required to meet Arcimoto’s large-scale production goals.
Electrek’s Take
I can’t fathom how VanMoof can sustain such a large workforce. Companies like Rad Power Bikes sell considerably more e-bikes than VanMoof, and even Rad had to undergo several rounds of layoffs in the last year or so. I imagine VanMoof’s payroll must be a huge part of its burn rate, especially since you can’t put off paying employees the way you can with suppliers of brakes and pedals. And of course those e-bike hunters don’t work for free.
I’m glad to hear that the company found the money it needs to go on though, especially since I’m still waiting for them to get around to producing that VanMoof V concept e-bike that is supposed to reach 31 mph (50 km/h). No one can let VanMoof die until I get to ride that slick-looking thing.
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A dozen Tesla vehicles burned at a store in Toulouse, France. Arson is suspected amid global protests and vandalism attacks against Tesla and Elon Musk.
Last night, a dozen Tesla vehicles burned down at Tesla’s retail and service location in Plaisance-du-Touch near Toulouse, France.
Firefighters arrived on the scene at around 4 a.m. and contained the fire to the vehicles. Eight of them were completely destroyed, and four were greatly damaged. The damages are estimated at over 700,000 euros.
According to the local news (translated from French), the police suspected arson as a hole was found in a fence, and threats had been made over the last few weeks. The Tesla location remained closed all day.
Tesla is currently being protested by anti-fascist groups around the world, especially in the US, where many are targeting Tesla to protest against Elon Musk’s involvement in the US government.
In France, there were a few protests planned, but some extremist groups are calling for widespread arson against Tesla stores:
I won’t share the link to the article since it gives step-by-step instructions on how to burn down Tesla stores without getting caught, but the manifesto explains that they are going after Tesla as a “symbol of capitalism,” although they also list a dozen other reasons including the fact that they think it’s “doable and cheap.”
Electrek’s Take
This is getting nuts. It’s not only dangerous, but it’s also not super effective in achieving the goal they claim to want to achieve.
Have they never heard of insurance? Tesla is having issues selling cars right now. You are burning unsold inventory that they can then claim to their insurance.
Sure, it disrupts their operations for a short period of time, but it’s not worth it.
Their manifesto does say to avoid violence and not to target vehicles owned by individuals – though it doesn’t sound like a strict rule for them, but I think these people are likely going to end up in jail for having achieved nothing.
The protests and boycotts are going strong. You don’t need to burn cars to make yourself heard.
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Environment
Ford F-150 Lightning sales have been falling for months: What’s going on with the EV pickup?
Is Ford’s electric pickup in trouble? Sales have been down for months, and February showed no relief. What’s going on with the Ford F-150 Lightning?
Ford F-150 Lightning sales drop again in February 2025
Ford’s US sales dropped by 9% last month. Although electrified vehicles, including EVs and hybrids, both notched double-digit growth, sales of Ford’s gas-powered (ICE) models, which accounted for over 85% of deliveries, fell nearly 13%.
Hybrids saw higher demand with sales up 27.5% to 15,357, while EV sales increased 15% to 7,326. The Mustang Mach-E was a bright spot with 3,312 models sold in February, up 13% from the prior year.
With 6,841 Mach-Es sold through the first three months of 2025, Ford’s electric crossover SUV remains a top-selling EV in the US.
Ford’s electric pickup didn’t fare as well. F-150 Lightning Sales were down nearly 15% last month with only 2,199 units sold. Through March, Ford has sold 15% fewer Lightning models than it did at this time last year.
Sales of the electric pickup have been slipping for months now. In the final three months of 2024, F-150 Lightning sales were down 10%.
The Lightning, alongside Rivian’s R1T, are no longer the only electric pickups on the market. Ford is facing new competition with the Tesla Cybertruck, Chevy Silverado EV, and GMC Sierra EV, arriving.
According to Cox Automotive, the Tesla Cybertruck slipped past the Lightning to become the fifth best-selling EV in the US last year with nearly 39,000 units sold. Ford’s Lightning was sixth with just over 33,500 models sold.
Ford extended its “Power Promise” promo earlier this year to boost demand, giving EV buyers a Level 2 home charger and other benefits, but Lightning sales are still down.
The American automaker cut Lightning production at its Rouge Electric Vehicle Center last year, citing slower-than-expected demand. A new report from Automotive News claims Ford is now ending a pilot program to stock and distribute EVs through regional hubs after it failed to catch on. It was designed to speed up deliveries.
Although Ford plans to launch a smaller midsize electric pickup, it won’t arrive until at least two more years. With new competition, like the Ram 1500 REV and Volkswagen Scout pickup, hitting the market over the next few years, Ford may find it even harder to attract buyers.
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Costco’s Auto Program recently introduced some new member-only incentives, and the 2025 Volvo EX90 BEV is now on its list.
Volvo is offering Costco Executive Members $2,000 off the 2025 EX90. Costco Gold Star and Business members are eligible for $1,500 off. The incentives are available on all versions of the Volvo EX90 for members who purchase or lease from February 24 to April 30, 2025. It’s the only non-GM EV that’s that’s eligible for an incentive through the EV program.
The offer is compatible with A-Plan pricing for employees, as well as Affinity Pricing for teachers and first responders. Costco members will have had to have been members as of February 23 and be the primary members on the Costco account to qualify.
However, CarsDirect gave the heads up on how buyers can get up to $10,000 off the EX90’s MSRP. As we stated, if you’re a Costco Executive Member, that’s $2,000 off. Then, add the $7,500 EV Lease Allowance and a $500 loyalty discount on leases if you currently own or lease a Volvo or have owned or leased a Volvo within the past six months.
With the destination fee included, the base EX90 MSRP starts at $81,290, so that brings it down to $71,290, a more than 12% discount, a pretty good deal.
The 2025 AWD Volvo EX90, which can seat seven passengers comfortably, has a range of up to 310 miles and is NACS-compatible. It has a 510 hp engine, 110 kWh battery capacity, and can go from 0-60 mph in 4.7 seconds.
Read more: Review: Volvo EX90 is a smooth AWD 7-seat luxury kid-hauler
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