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However, much of the presentation is out of date.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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With the winter in full swing, it’s easy to spend most of the time indoors, but if you’re still looking to scratch that itch to get out and spend more time outside exploring, the XQi3 by NIU is the perfect solution to explore both trails and urban spots. On top of NIU designing the XQi3 with some great handling for off-road riding, it’s also fully street-legal.
It’s always a blast to be out in the trails enjoying nature but for urban areas, there’s usually a lot to explore and luckily the XQi3 is able to be registered as a moped. NIU has an EKHO Dealer collab that enables NIU to sell licensed and registered vehicles to customers directly, making it easy to ride off with a fully compliant street-legal bike.
Before we get into how it handles off-road let’s go through some of the quick specs.
The XQi3 has a top speed of 45 km/h for street-legal use and up to 80 km/h for off-road. Powering the bike is a removable 72v 32ah LG lithium-ion battery, which gives you a max range of 90km on a single charge, of course, that will vary depending on if you are in eco or sports mode, but it’s certainly plenty of range to explore new trails or new sites without having range anxiety, and since it is removable, you’ll be able to charge it anywhere, anytime.
Okay, now that we got some of those specs out of the way, it’s time to dive into one of the most exciting aspects about this bike which is just how great the handling feels while riding off road. This probably won’t be listed on a spec sheet but the wide grippy seat and overall design of this bike makes it very functional as an offroad bike.
NIU made this bike for riders to actually use offroad and one of the obvious signs of that is the stock skidplate that they added for more protection.
While the lightweight feel and torquey motor give a ton of confidence while riding, knowing that the bike is robust enough for this kind of riding is encouraging for trying out new sections that would normally feel intimidating.
And with that extra level of protection dropping the bike is not as worrying as you might think making it easy to pick up the bike, and continue riding just as you would on any other powersports bike.
As for the suspension the XQi3 uses adjustable front and rear KKE suspension that lets you fine-tune the compression, rebound, and preload depending on your size and what kind of riding you intend to do.
While riding through roots and loose dirt the 19-inch off-road tires hold up surprisingly well and with the tread patterns not being too aggressive it’s a great balance between traction and durability since very aggressive tread patterns typically wear out fairly quickly when using them on the tarmac.
And to brake the XQi3 features 203 mm rear disc brakes and 220 mm front disc brakes giving some great braking action for both on and off-road action.
NIU also added some great tech onto the XQi3 which includes seamless app connectivity via Bluetooth letting you unlock a world of features from monitoring your battery and vehicle status to tracking your route history.
In addition NIU is the only company in the category that has the ability to send out OTA updates.
For security the bike uses an NFC card to unlock but can also be unlocked via bluetooth.
And through your controls as well as the display you can navigate to eco or sport mode and you can also use the Ultraboost to get you up to 8000W up from the 3500W of rated power. Through the display you’ll also be able to check your battery level, speed, lap times and more.
For added safety, NIU included an emergency kill switch where if disconnected, the feature will automatically cut off power to the motor just in case of any emergency.
For those unfamiliar with NIU, the brand is now celebrating their 10 year anniversary and with that they’ve announced that the brand will be starting assembly in the US and is soon entering into the powersports segment .
Overall this is a great feeling offroad bike that is fully street-legal and comes with all the requirements to be fully compliant as a road-legal moped. I had a ton of fun exploring
With the XQi3, the premium build quality, long range, and flexibility make it a blast to go out even if it’s the middle of winter.
To check out NIU on socials you can find them @niumobility and for more of their lineup you can check out their website here.
NIU XQi3 gallery
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British telecom provider BT Group has committed to adding 3,500 new EVs to its commercial truck and van fleet over the next two years, bringing its total EV count to 8,000 units and giving it the largest electric vehicle fleet in the UK.
With more than 27,000 in its total fleet, BT Group is one of the largest operators of commercial vehicles of any kind – ICE or electric – in the UK. Now, the company says it has plans to become a fully net zero business by 2031, and looks to electrify all (or nearly all) of its vehicles over the next five years.
Company executives believe the addition of the new EVs (which will see a mix of vehicles deployed from Ford, Stellantis, Toyota, and Renault) will give it “the edge” as it aims to upgrade UK residents to full fiber internet.
“By integrating yet more electric vehicles into our operations, we are taking another significant step towards reducing our carbon footprint and supporting the UK’s transition to a greener future,” said Simon Lowth, Chief Financial Officer, BT Group. “As we extend our full fiber build from 16 million homes and businesses today to 25 million by the end of 2026, having the most efficient, sustainable electric vehicles will give our engineers the edge as they connect customers at pace to our next generation networks.”
As such, political supporters of the ban have been quick to sing BT Group’s praises. “We want to help more businesses decarbonize their operations,” explains Lilian Greenwood, Future of Roads Minister. “(We’ve) extended our plug-in van grant with £120m funding to help roll out more zero emission vans on our roads – part of our £2.3bn to support industry and consumers switch to EVs and make the transition a success.”
Schneider electric semis charging in El Monte, CA; via NACFE.
In a move that’s expected to play a crucial role in supporting the transition to medium- and heavy-duty electric vehicles, $100 million of the Biden Administration’s last-minute $635M payout is headed to Illinois to help build out an electric truck charging corridor.
Tesla is understood to have requested fully 40% of the $100MM award, with Prologis requesting $60 million, Gage Zero requesting $16 million, and Pilot requesting $10 million.
The project will facilitate the construction of 345 electric truck charging ports and pull-through truck charging stalls across 14 sites throughout Illinois, with each of the awarded companies putting up some of its own money to support the infrastructure buildout as well. To that end, Prologis is expected to invest $18 million, Tesla $19 million, Gage Zero $4 million, and Pilot travel stations committing $2.5 million.
“Most of the development has happened on the coasts, and there’s nothing really happening in the Midwest, which is not great for long-haul trucking,” said Megha Lakhchaura, Illinois’ state EV officer. “We think that this hub could be of national importance.”