Rad Power Bikes faces shutdown in January without new funding | TechCrunch

"Rad is nothing without its people and wants to ensure that all employees are taken care of and provided for to the fullest extent feasible. Executive leaders are hopeful that a viable solution will be found to ensure that Rad team members remain gainfully employed for the foreseeable future. However, to be fully transparent, despite our collective efforts, it is possible that this may not happen, and Rad may be forced to cease operations."

"Seattle-based Rad Power has gone through multiple rounds of layoffs over the last few years coming out of the pandemic. While the early pandemic days were a boon to micromobility companies like Rad Power, a "sudden drop in consumer demand" left the company saddled with excess inventory, according to the email viewed by TechCrunch. "Rad continues to face significant financial challenges, including in the form of tariffs and the macroeconomic landscape.""

Rad Power Bikes faces a potential shutdown in January if it cannot secure new funding or be acquired. Leadership remains actively seeking options and characterizes the cessation of operations as not inevitable. Employees were informed that a previously promising deal that appeared likely to close did not come to fruition. Executives emphasize support for employees and customers while pursuing solutions and express hope that team members can remain gainfully employed. The company has undergone multiple layoffs since the pandemic, carries excess inventory from a sudden drop in consumer demand, and faces financial pressures including tariffs and macroeconomic headwinds.

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