The best looking enclosed electric bike-car yet isn’t going to make it
In a surprising and disappointing turn for fans of innovative micromobility, Podbike, the Norwegian maker of the sleek, fully enclosed Frikar electric pedal-car, has filed for bankruptcy. Despite gaining significant attention and accolades for its standout design and functionality, the company ultimately couldn’t overcome the financial hurdles that have cut down so many ambitious mobility startups lately.
Podbike’s flagship product, the Frikar, spent years making waves in the micromobility space due to its combination of car-like comfort with the practical, pedal-assisted features of an electric bicycle. Despite spending a considerable amount of time as a prototype, the innovative design immediately attracted broad appeal.
Its striking aerodynamic design, spacious enclosed cabin, and efficient electric assistance positioned it as an attractive urban commuting option for riders seeking shelter from harsh weather, safety from urban traffic, and an eco-friendly alternative to traditional cars.
Earlier this year, Podbike successfully began deliveries of the Frikar quadcycle to customers in Norway and subsequently expanded availability to several other European countries, including Austria and Belgium. The Frikar was gaining real traction, supported by positive feedback for its innovative design, ease of use, and the comfort provided by its weatherproof enclosure. It looked like the Frikar was finally set to do what so few others had – overcome industry hurdles to become an actual mass production fully-enclosed electric bike car.
However, despite the positive news and widespread enthusiasm around the Frikar, Podbike faced substantial financial challenges. The price of the Frikar ballooned from an initial target of around €5,000 in 2021 to as high as €13,000 recently for more premium trims. And with expensive production combined with reduced demand at such high price tags, the financial equitation was always going to be a battle.
Most recently, Podbike has cited those soaring production costs, ongoing global supply chain disruptions, and a slower-than-anticipated ramp-up in sales volume as major contributing factors to its financial distress. Ultimately, these economic pressures proved insurmountable, forcing Podbike to declare bankruptcy.
As the company explained to its followers last week, “After years of dreaming big, building bold, and pushing boundaries, we’re heartbroken to share that Podbike is probably at the end of the road. The Board has made the incredibly difficult decision to file for bankruptcy and cease operations.”
The fall of Podbike highlights the harsh reality that innovative hardware startups in the micromobility industry face every day. Even with an exceptional product, navigating the path from initial design to mass production and profitable scale-up can be fraught with obstacles. And with the amount of innovation in the Frikar, the company was pedaling uphill from the get-go.
We’ve seen the same happen in several other micromobility companies, from similar bike-cars like the ELF and PEBL to more conventional electric bicycle companies like Juiced Bikes and E-Cells.
Electrek’s Take
I think that while Podbike’s journey has come to a tragic end, the legacy of the Frikar will likely live on as inspiration and a blueprint for future electric micro-vehicles. The vehicle’s popularity demonstrated a clear demand for comfortable, efficient alternatives to conventional transportation methods, especially in dense urban settings. Its higher price and steep ramp-up to production were two significant nails in its coffin though that will need to be addressed in order for future electric bike-cars to succeed.
The bankruptcy filing has surely saddened many in the micromobility community who saw Podbike as a potential frontrunner in shaping the future of enclosed pedal car-type vehicles in urban transportation. Nevertheless, the concept behind the Frikar and its execution will undoubtedly serve as valuable lessons, and perhaps even a launching point, for future sustainable transportation innovations. Or at least we can hope!
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Tesla (TSLA) released its financial results and shareholders’ letter for the second quarter (Q2) 2025 after market close today.
We are updating this post with all the details from the financial results, shareholders’ letter, and the conference call later tonight. Refresh for the latest information.
Tesla Q2 2025 earnings expectations
As we reported in our Tesla Q2 2025 earnings preview yesterday, the Wall Street consensus for this quarter was $22.279 billion in revenue and earnings of $0.40 per share.
The expectations had been significantly downgraded over the last month, as analysts were surprised by Tesla’s announcement of much lower deliveries than expected in the first quarter.
How did Tesla do compared to expectations?
Tesla Q2 2025 financial results
After the market closed today, Tesla released its financial results for the first quarter and confirmed that it delivered on expectations with earnings of $0.40 per share (non-GAAP), and it exceeded revenue expectations with $22.496 billion during the last quarter.
Tesla’s earnings per share are down 23% year-over-year amid a booming EV market.
Operating income decreased 42% year-over-year to now less than $1 billion, and almost half of it came from regulatory credits.
Tesla’s cash on hand has decreased this quarter for the first time in years. The company lost about $200 million of its giant war chest – now sitting at $36.8 billion.
We will be posting our follow-up posts here about the earnings and conference call to expand on the most important points (refresh the page to see the most recent posts):
Here’s Tesla’s Q2 2025 shareholder presentation in full:
Here’s Tesla’s conference call for the Q2 2025 results:
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Optimus, Tesla’s humanoid robot, which CEO Elon Musk claims is ahead of the industry and will sell in the trillions of dollars, failed while serving popcorn on the first day of Tesla’s new diner launch.
Musk has been touting Optimus as a revolutionary product that will generate “trillions of dollars” per year for Tesla.
It’s the latest pivot that the CEO has led Tesla into, as electric vehicle sales are declining, and it is becoming increasingly clear that its self-driving effort is unlikely to be profitable anytime soon.
The company needs new revenue streams to justify a $1 trillion valuation, given its declining revenue and earnings.
However, we have been reporting on how the program appears to be in shambles lately.
Last month, Tesla’s head of the program, Milan Kovac, left the company just a few months after being promoted to vice-president.
Earlier this month, we learned that Tesla paused production to perform some much-needed upgrades to the current version of the robot, as it is reportedly currently only able to move some batteries within Tesla’s workshop at a rate lower than that of human workers.
That’s despite Tesla claiming for months that the robot is already performing useful work within its factories and plans to ramp up production to 100,000 units per month next year, with the goal of starting to sell the robot.
Aside from gullible Tesla shareholders, not many people believe this narrative. The main issue is that Tesla is not seen as having a lead in humanoid robots, which is still a nascent industry, and its previous demonstrations have been misleading.
For example, Tesla was less than forthcoming about its robots being teleoperated by humans during its ‘We, Robot’ event last year.
The launch of its new diner in Los Angeles was the latest occasion to showcase Optimus. Tesla had an Optimus robot serve popcorn to customers.
Again, Tesla employees at the event confirmed to attendees that the robot was teleoperated, which makes the demonstration unimpressive to start with, but the disappointment doesn’t stop there.
The robot was seen frozen and stopped operating during the first day of the Tesla diner launch.
Attendees were told that the robot lost connection.
Electrek’s Take
To be clear, Tesla can only get the Optimus robot to serve popcorn for a short period before it fails, even with the use of human teleoperation.
Yet, Musk claims that Tesla will make 100,000 of these next year and sell them to customers.
It makes no sense. It’s similar to Tesla’s robotaxi service in Austin, which requires teleoperation and a human safety monitor with a finger on a kill switch at all times.
That said, I honestly believe that Tesla will be able to scale Optimus faster than its robotaxi service. However, they will both scale much slower than Tesla shareholders currently believe and the competition is already ahead of both.
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BYD officially launched the Atto 1 in Indonesia on Wednesday. Starting at just $12,000 (IDR 195 million), the Atto 1 is now one of the most affordable EVs on the market.
BYD launches the Atto 1 entry-level EV
The Atto 1 is a rebadged version of BYD’s top-selling electric car in China, the Seagull EV. BYD’s smallest and most affordable EV is sold under the names Dolphin Mini and Dolphin Surf in other overseas markets.
BYD introduced the Atto 1 at the Gaikindo Indonesia International Auto Show (GIIAS) on Wednesday, priced from IDR 195 million, or about $12,000.
The new entry-level EV is available in two trims: Standard Range Dynamic and Long Range Premium. Powered by a 30.08 kWh BYD Blade battery, the standard range Atto 1 Dynamic offers a NEDC range of 300 km (186 miles).
Upgrading to the Premium model costs IDR 235 million ($14,500), but it’s equipped with a bigger 38.88 kWh battery, providing an NEDC range of 380 km (236 miles).
The interior resembles that of other BYD brand vehicles, featuring a minimalist, high-tech smart cockpit. It features a 10.1″ intelligent touchscreen with Apple CarPlay and Android Auto, as well as a 7″ digital driver’s instrument display.
Meanwhile, the Long Range Premium version comes with an added wireless charging pad and a tilt-and-telescopic steering wheel.
At 3,959 mm long, 1,720 mm wide, and 1,590 mm tall, the Atto 1 is smaller than a Toyota Yaris, but slightly bigger than the Kia Picanto.
“This launch in Indonesia marks the first release of the Atto 1 in ASEAN, and the car is now available for pre-order,” BYD Indonesia’s operations director, Nathan Sun, said at the event.
The Atto 1 is BYD’s third electric vehicle to arrive in Indonesia, and the brand’s most affordable yet. BYD also sells the Seal, starting at IDR 629 million, Atto 3 SUV (IDR 515 million), and Dolphin (IDR 425 million).
Indonesia is the largest auto market in Southeast Asia, and EV sales are picking up with new government policies supporting local production. In the first half of the year, the EV market share doubled to 10% from 5% in the same period last year.
Earlier today, Toyota, which controls around 30% of the Indonesian auto market, announced plans to begin building EVs locally by the end of 2025.
Source: JakartaGlobe, BYD Indonesia
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