Rad Power Bikes’ CEO secretly exits amid more layoffs, uncertain future
Phil Molyneux, CEO of Seattle-based Rad Power Bikes, has left the company under unclear circumstances, marking another major leadership shake-up for the embattled e-bike brand.
Molyneux, who previously held executive positions at Sony and Dyson, had been leading Rad Power Bikes since late 2022. Molyneux’s LinkedIn profile now lists his tenure at Rad Power Bikes as having recently ended. In addition, his LinkedIn status has been updated to “considering what next”.
Despite Molyneux apparently signaling his departure, Rad Power Bikes has not made an official announcement. The company has also not yet responded to Electrek’s requests for comment.
The leadership change comes as Rad Power Bikes continues to navigate a series of financial and operational challenges. The company has undergone multiple rounds of layoffs, the most recent publicly-announced round occurring in mid-2024, in an effort to stabilize its business. In addition, Rad exited the European market in mid-2023, focusing solely on North America after years of aggressive expansion.
The only remaining C-level executive at Rad Power Bikes now appears to be the company’s CFO, Stephanie Roberts.
Now Molyneux’s exit raises questions about the company’s future direction, as Rad has faced increasing competition from a growing number of direct-to-consumer e-bike brands and mounting pressure from evolving e-bike regulations across the U.S.
Adding to the uncertainty, a review of employees on LinkedIn also seems to indicate that another round of layoffs has recently taken place or is currently ongoing. It remains unclear whether Molyneux’s exit was part of a planned transition or the result of deeper struggles within the company.
Molyneux originally took over as CEO from Rad Power Bikes founder Mike Radenbaugh, who stepped down from the role in November 2022 but remained involved with the company as a board member. At the time, the leadership change was framed as part of a move to strengthen Rad’s operational efficiency amid supply chain challenges and shifting consumer demand.
Once a dominant force in the U.S. e-bike market, Rad Power Bikes was one of the most well-funded micromobility startups, raising over $300 million in venture capital to fuel its expansion. However, its rapid growth was followed by cost-cutting measures, layoffs, lawsuits related to product safety concerns, and the recall of thousands of e-bikes due to brake defects.
The uncertainty comes at a time when several other once-leading electric bicycle companies have shuttered their doors after becoming overextended and unable to raise sufficient capital to cover their liabilities.
With Molyneux now out, the company faces an uncertain road ahead. Rad Power Bikes’ next leadership move will be closely watched as the e-bike industry continues to evolve in an increasingly competitive and regulated environment.
[Update: Rad Power Bikes responded to a request for comment with the following statement to Electrek:
“Rad Power Bikes recently announced a leadership transition, with Phil Molyneux stepping away from the company. Over the past three years, Phil has helped Rad achieve significant milestones, from launching new products to advancing safety innovations, and we thank him for his leadership and expertise. CFO Stephanie Roberts, who joined Rad alongside Phil, will assume the role of interim CEO while a search for the next CEO is underway. Phil will continue to advise Stephanie to ensure a smooth transition.
While it is always challenging to make these decisions, we are approaching this transition with empathy and unwavering support for our talented team members and are confident that this pivot will better support our riders and the advancement of our mission going forward. Our priorities remain delivering great products and service for our riders, supporting our retail partners, and encouraging more people to Ride Rad.
In addition, Rad Power Bikes continued its strategic pivot to support a more significant focus on physical retail, which required downsizing our teams involved in the direct-to-consumer business. The best experience for our customers is when they can see and test ride our ebikes at a local bike shop or Rad Retail location near them. Our Rad Retail and retail partner teams remain fully intact and ready to support new and existing riders, as well as local bike shops.”]
Electrek’s Take
It’s unclear what is happening at Rad Power Bikes (and the fact that my PR contacts were sadly part of the recent layoffs isn’t helping me make the matter any clearer). However, the writing has been on the wall for some time. We’ve essentially lost count of the number of rounds of layoffs at Rad since the company quickly stopped publicizing them, but its quite obvious that sales and operations have significantly reduced over the past few years.
The general industry has been hurting during that time, but several other direct-to-consumer companies like Lectric Ebikes and Aventon seem to have weathered the storm well, either by doubling down on accessibility and affordability for the former or with the support of major Chinese financial backing for the latter. Rad has also raised major capital over the years but had a burn-rate unmatched in the industry due to its incredibly large workforce, meaning the company has racked up its liabilities at an alarming rate. Even after many rounds of layoffs, it doesn’t appear that the company has been able to recatch the wave that propelled it to the top of the industry just a few short years ago.
At the same time, the company still has its creditors who can’t wait forever for their investments (or to continue writing checks into perpetuity). All of this is to say that despite Rad not yet sharing insight into the current situation, the simple fact of the matter is that it doesn’t look good in Seattle.
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If you’re considering going electric, May will be a great time to score a deal on an EV lease. Automakers are slashing lease prices on some of the most popular EVs to move inventory – here are four standouts.
Nissan Ariya SUV
The Nissan Ariya SUV has an MSRP of $41,805. Its lease term is 36 months, with $4,409 due at signing and a mileage allowance of 10,000 a year. Monthly payment? A sweet $129!
Nissan cut the 2025 Ariya Engage’s price by $144 in April, so it now has an effective monthly cost of $251 – that’s seriously affordable for an electric SUV. If you’re already a Nissan driver, then you’re going to get an even better deal, because Nissan is offering a $1,000 loyalty discount on the Ariya, which brings its effective cost down to $224 per month.
CarsDirect, which sniffed out this deal, thinks this Ariya deal will be in place until Memorial Day, so take advantage of tariff-free pricing while you can.
Click here to find a local dealer that may have the Nissan Ariya in stock. –trusted affiliate copy
Honda Prologue SUV
The Honda Prologue SUV has an MSRP of $48,850. Its lease term is 36 months, with $1,399 due at signing and a mileage allowance of 10,000 a year. The monthly payment on the Prologue is $239.
The 2024 Honda Prologue has up to $18,800 in rebates, and the price includes a $1,000 lease loyalty discount or conquest offer. In California and other ZEV states, the EX has an effective cost of just $278 per month; in other parts of the US, pricing will be around $30 higher. This offer ends July 7.
Click here to find a local dealer that may have the Honda Prologue in stock. –trusted affiliate copy
Tesla Model 3
The Tesla Model 3 has an MSRP of $43,880. Its best lease term is 24 months, with $1,044 due at signing and a mileage allowance of 10,000 a year. The monthly payment on the Model 3 is $349.
The 2025 Tesla Model 3 still has the $7,500 federal government EV rebate. Several months ago, Tesla reduced the amount due at signing on all Model 3s. And for those who want to lease a Long Range Model 3, the effective cost can be as low as $393 per month.
You can lease the Model 3 for 36 months, but the folks at CarsDirect found that the better deal will be had on 24-month leases. They compared the Model 3’s MSRP to the 2025 Lexus IS 300 F Sport’s MSRP, which is nearly identical, and the Model 3 was around 30% cheaper to lease.
Acura ZDX
The 2024 Acura ZDX has an MSRP of $65,850. Its best lease term is 36 months, with $4,699 due at signing and a mileage allowance of 7,500 a year. The monthly payment on the ZDX is $299.
The 2024 ZDX is Acura’s cheapest vehicle to lease because it features up to $29,450 in lease cash. However, the best deal is limited to California and ZEV states. If you cash in on a loyalty discount or conquest cash, the effective cost is $430 per month. This offer runs til June 30.
Click here to find a local dealer that may have the Acura ZDX in stock. –trusted affiliate copy
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Ford (F) reported its first-quarter earnings, beating Wall Street’s revenue and EPS expectations. However, with Trump’s auto tariffs, Ford is suspending full-year guidance. Here’s a breakdown of Ford’s Q1 2025 earnings
Ford Q1 2025 earnings preview
After crosstown rival General Motors cut its full-year financial guidance last week, investors are waiting to see if Ford will follow suit.
Ford’s previous 2025 forecast called for EBIT of $7 billion to $8.5 billion and capital expenditures between $8 billion and $9 billion.
The biggest threat is Trump’s new auto tariffs, which include a 25% duty on imported vehicles and many parts. Since Ford builds a greater percentage of vehicles in the US than any other major automaker, outside of Tesla, it isn’t expected to see as big of an impact.
CEO Jim Farley called it “an opportunity for Ford,” during an interview with CNN last week, saying the company has a “different footprint, a different exposure for tariffs.”
Ford imports around 21% of the vehicles it sells in the US, while GM imports around 46%. According to Estimize, Wall St expects Ford to post Q1 EPS of $0.0 on revenue of $38.02 billion.
The company reports earnings for each of its three business units, Ford Blue (gas-powered vehicles), Model e (electric vehicles), and Ford Pro (commercial and software business).
In the fourth quarter, Ford’s EV unit (Model e) lost another $1.4 billion while Pro and Blue each reported an adjusted EBIT of $1.6 billion.
Financial breakdown
Ford beat Wall Street estimates, reporting first-quarter revenue of $40.7 billion with an adjusted EPS of 0.49.
- Q1 2025 Revenue: $40.7 billion vs $38.02 billion expected.
- Q1 2025 Adjusted EPS: $0.49 vs $0.0 expected.
The company posted adjusted EBIT of $1 billion, down 63% from Q1 2024. Ford said its first-quarter EBIT suffered a nearly $200 million hit from added tariff costs, primarily in Ford Blue and Ford Pro.
Ford Pro generated an EBIT of $1.3 billion, Ford Blue $96 million, and Ford Model e reported an EBIT loss of $849 million.
For Model e, the company is focused on improving gross margins and “exercising a disciplined approach to investments in battery facilities and next-generation products.” Although still a nearly $1 billion loss, it’s still a $500 million improvement from Q1 2024.
Ford said higher Model e revenue was driven by new EVs launching in Europe, like the electric Explorer and Capri.
The company said its “Power Promise” promotion, which includes a free home charger and several other benefits, has helped drive demand in the US.
Although it’s tracking within its previous full-year adjusted EBIT guidance of between $7 billion and $8.5 billion, Ford is suspending full-year guidance due to the uncertainty surrounding tariffs.
Ford estimates the full-year gross cost of tariffs to be around $2.5 billion. It expects a tariff-related net adverse adjusted EBIT impact of about $1.5 billion for the full year 2025.
Ford also extended its “From America, For America” campaign last week. The promo includes employee pricing on most 2024 and 2025 models and now runs through July 4.
Check back for more info from Ford’s first quarter conference call. Ford is also hosting its annual meeting on Thursday, May 8, where we should learn more about its EV plans and how it will navigate the new tariffs.
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