Overview
- Life Electric Vehicles completed a court-approved purchase of Rad Power Bikes’ brand, intellectual property, inventory and select operating assets for $13.2 million.
- Retail operations will continue in the United States under the Rad Power Bikes name, with seven stores remaining open and plans to expand the footprint in additional markets.
- CEO Rob Provost said a new entity, Rad Life Mobility, has offered to rehire 95% of employees laid off during bankruptcy, with about 70 already accepting and a new president, Jim Brown, in place.
- Production is slated to transition to U.S.-based final assembly using a Foreign Trade Zone structure and a just-in-time model at a planned 100,000-square-foot central U.S. facility, with reduced reliance on third-party logistics.
- Life EV says it will honor certain warranties and gift cards per the purchase agreement and plans a battery replacement program offering about a 50% discount for riders affected by last year’s CPSC warning.