After a series of financial setbacks, followed by an Electrek exposé revealing the failed Metacycle electric motorcycle project, e-bike maker SONDORS has appeared to enter receivership. The search is now on for a buyer who can scoop up the company and its assets.
Electrek has reviewed documents sent out by Rock Creek Financial Advisors (RCFA) indicating that an RFCA representative has been appointed as receiver of SONDORS, Inc. and that the company is being offered for sale along with its assets.
RCFA describes itself on its website as specializing in “advising and operating companies through state regulated Assignment for the Benefit of Creditors (ABCs), which are a faster, cheaper, and less publicized insolvency proceeding that allows a company to shed its liabilities in a cost effective manner, sell the assets of the company and wind-down the company by the Rock Creek professionals.”
A receivership differs from a bankruptcy. While a traditional bankruptcy proceeding is usually a lengthy process designed to protect the company and shield it from creditors, a receivership is usually set up by a struggling company’s creditors themselves and is a quicker process intended to protect those creditors – often by selling the company and its assets in an attempt to save their investment.
As explained in an RCFA document regarding SONDORS, Inc. and reviewed by Electrek, “Rock Creek is working to sell the Assets. We will consider all offers of interest. Term sheets will be due no later than Friday, January 19, before 11:59 pm ET, but we will accept indications of interest prior to that time.”
RCFA also provided a lengthy presentation deck prepared by SONDORS, Inc. that pitches the value of the company and its diverse product line. Among the claims in the presentation are that SONDORS, Inc. has sold over 63,000 electric bikes and has over 10,000 cash deposits for its Metacycle electric motorcycle that total over $19.9M.
The presentation also includes several unreleased products as demonstrations of potential upcoming projects, including an electric dirt bike, a larger electric motorcycle, and an electric ATV quad.
The company detailed its patents and trademarks in the pitch, which would likely be included in any sale of the company’s assets.
However, much of the presentation is out of date. It is listed as being prepared nearly a year ago, in January 2023. Members of the leadership team detailed in the presentation have left or changed in that time, and the company largely ceased delivering its flagship Metacycle electric motorcycle at some point in 2023.
It is unclear if there are any prospective buyers for SONDORS, Inc., but RCFA appears to be leaving the door open through January 19, 2024, offering less than a month to find a buyer for the company.
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Beginning with TEC Equipment in Fontana as the company’s only certified EV dealer in July 2021, Volvo Trucks’ BEV sales network has expanded quickly to 83 certified locations across 33 US states and four Canadian provinces, with four new dealer groups recently joining the program and another 13 rooftops currently in the certification pipeline. Those dealers have helped Volvo Trucks gain a leading position globally and maintain more than 30% market share in the North American electric truck segment over the past five years.
“Reaching this milestone is a testament to our customers’ commitment to sustainable transportation and our dealer network’s dedication to supporting them every step of the way,” explains Peter Voorhoeve, president, Volvo Trucks North America. “The path to zero emissions is shaped by market conditions, which are moving slowly. We remain committed to our vision to create a world we want to live in by using zero emissions solutions in combination with fuel efficient combustion engines with reduced climate impact. Solutions that will work for our clients where sustainability meets affordability.”
So far, those dealers have deployed over 700 battery electric semi trucks (out of 5,700 globally) that have logged more than 20 million zero-emission miles and eliminated an estimated 34,000 metric tons of CO2 – the equivalent of over 7,000 passenger cars.
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Electrek’s Take
Via Volvo Trucks.
I’m struggling to reconcile Volvo’s true net zero rhetoric and seemingly dedicated push towards progressive and sustainable business practices with the US branch’s recent attempts to weasel out of their deal with California and, more specifically, CARB. Volvo is a leader in this space, and they should also lead by example where it matters.
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ALSO, the electric bike spin-off from EV-maker Rivian, just dropped some welcome news: a more affordable version of the bike is coming. Officially called the TM-B, the new model will launch at $3,500, coming in a full $1,000 under the previously announced $4,500 TM-B Performance we saw last month.
While the Performance model leaned heavily into premium components and higher output, the new TM-B appears designed to bring the platform’s eye-catching design to a wider audience.
The TM-B includes much of the same design and basic feature set as the TM-B Performance, though the $1,000 lower price tag does come from the company filet-ing a few corners. The bike drops from the 10x assist of the Performance edition to just 5x assist (presumably meaning half the power, but it’s hard to say since e-bike companies generally don’t list power as a multiple of rider input). It also has a smaller battery, more basic coil spring shock instead of the nicer and lighter air shock, fewer ride modes, and doesn’t come with the same premium styling options.
The bike does retain ALSO’s interesting drive-by-wire solution though, which means that there isn’t a physical connection between the pedals and the bike. Instead, riders turn pedal cranks connected to a generator that converts pedaling energy into electrical energy to feed the rear wheel through a Gates carbon belt drive.
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Hydraulic disc brakes along with ABS-braking come standard on both models, and the cockpit includes a compact color display with app connectivity, offering basic ride metrics and configurable assist modes.
ALSO hasn’t committed to an exact delivery date, but reservations are now open.
Electrek’s Take
A $3,500 entry point is undeniably better news for fans of ALSO’s design language who weren’t ready to shell out $4,500. However, I still seem to be one of the few in the industry who are hesitant to believe there is a path to profitability here. Americans don’t buy $4,500 e-bikes, at least not in high volume, and they don’t really buy $3,500 e-bikes, either.
It’s not that the bike isn’t worth it – ALSO’s engineers should be commended for stuffing a crazy amount of tech and innovation into this bike. But it simply won’t matter when the bike doesn’t sell very many units and ALSO has to keep making payroll on its huge workforce comprised of many expensive engineers and other tech roles. It’s very close to the same playbook that we watched sink other tech-forward e-bike companies like VanMoof, which went bankrupt after it couldn’t keep up with servicing its expensive and proprietary e-bike tech while trying to float a massive workforce.
Frankly, I’m a bit confused. Most basic e-bike media seems to be going nuts over the thing, and I’m the only one pointing out that the king appears to be walking around naked.
Also, the timing here is… odd.
Good news usually gets announced on a Tuesday morning, not sent to us at 4:56 PM on a Friday, right as everyone logs off and heads into the weekend. The classic “Friday news dump” is where companies hide things they don’t want attention on – not where they brag about slicing $1,000 off the entry price of a new model. A head scratcher all around.
Either way, a lower-priced TM-B is objectively good news. The problem is, it might just be shouting into the wind.
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Founded in 1689, Husqvarna was a musket maker for the king of Sweden – but now, the company best known for quirky motorcycles and commercial riding mowers is becoming an innovator in the field of robotics, and its latest fleet of electric autonomous mowers are eager to get grazing.
Husqvarna’s autonomous lawnmowers made history earlier this year at the AIG Women’s Open, when they became the first autonomous groundskeeping solution to see duty during a UK Major golf week.
“At the AIG Women’s Open, the Husqvarna portfolio is helping us deliver this goal through improved resource management, regular lightweight mowing and reduced carbon usage,” explains Royal Porthcawl’s Course Manager, Ian Kinley, who has championed the use of robotic technology at the course. “With the AIG Women’s Open set to be the largest-ever women’s sporting event in Wales, we know there’s tremendous pressure to produce playing surfaces that are worthy of such a high-profile event.”
Events like the AIG Women’s Open are proving that the little robot Huskies can get the job done quietly, sustainably, and with significantly less operator input. As such, you’d think everyone at Husqvarna would be excited about them.
You’d be wrong. The company’s franchise dealers have been hesitant to push them forward, effectively putting the parent company in the position of going B2C, or going home.
“Dealers live and breathe the previous technology,” said Yvette Henshall-Bell, Husqvarna’s President of its Forest and Garden division for Europe, in that same Forbes piece. “They want to protect that servicing, that aftermarket revenue. Whereas if they really thought about what the customer’s problems are and the job to be done, they would be looking at a completely different solution.”
A solution, frankly, that looks a lot like a little robot mower.
The bigger CEORA can handle up to 18 acres of ground twice each week, while the Automower, with its 80V battery and pinpoint precision EPOS (Exact Positioning Operating System) software, can handle another 2.5 acres. Both are fully electric, and can guide themselves back to their pens to recharge as needed.
Prices aren’t public, but the Husqvarna CEORA and Automowers are available as part of a custom lease package through Husqvarna Finance that will include access to the company’s customizable back end and ongoing support. Check with your local dealer for more.
Electrek’s Take
As a typically pro-union, pro-labor type of guy, I am hesitant to heap praise upon a robot taking away anyone’s job. That said, it does seem to be difficult for landscapers and construction crews to keep and find good labor at rates they can afford (and, let’s face it – the current Trump Administration isn’t going to be making that any easier). As such, if companies like Husqvarna and John Deere and Einride and others can build a demonstrably better mousetrap at a compelling price point … good for them. (?)
Let us know what you think in the comments.
SOURCES: Forbes, Golf Monthly; images by Husqvarna.
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