History
Rad Power Bikes was founded by Mike Radenbaugh in 2007. The company's business model is direct to consumer and it designs its products at its Seattle headquarters. [2] Radenbaugh remained CEO until 2022 when he was replaced by Phil Molyneux. [1]
Rad Power Bikes opened an office in the Netherlands in 2017. After economic challenges and four rounds of layoffs it left the European market in 2023 to focus on sales in North America. [3]
In 2022 Jonathan and Kaye Steinsapir filed a wrongful death lawsuit against Rad Power Bikes after their daughter died while riding a RadRunner which was settled for a sum of $1.5 million. [4] [5] As part of a separate safety concern in the same year, Rad Power Bikes recalled RadWagon 4 model bikes due to an issue with some of the tires that could cause them to pop and for the rider to lose control of the bike. [6]
Starting in September 2023, Rad Power Bikes announced that all of its e-bikes and lithium-ion batteries would meet UL certification. This was concurrent with a New York City requirement that all e-bikes sold be certified. [7]
Rad Power Bikes has raised a total of $329 million in investments. It is the largest ebike brand in North America with more than 350,000 sales. [8] [9] [10]
Battery issues and potential closure
After a post-pandemic decline in e-bicycle sales and demand, Rad Power announced to its employees in November 2025 that it faced "significant financial challenges" and would need to scale back operations. The company also filed a WARN notification with the Washington State Employment Security Department on November 10 that would involve a full shutdown of operations and termination of all 64 jobs at the Seattle headquarters by January 2026 at the earliest. Rad Power also cited the increased tariffs and "macroeconomic landscape" as factors in its financial situation. [11]
On November 24, the U.S. Consumer Product Safety Commission (CPSC) issued a product safety warning for Rad Power Bikes that used two models of electric batteries. The agency had found that at least 31 battery fires had been linked to the two models, which were found to have a risk of "spontaneously igniting and exploding", especially when the battery was exposed to water or debris. [12] [13] Rad Power did not issue a recall and challenged the findings from the CPSC. [12]
On December 15, 2025, after admitting that it could not afford any cash to issue a recall against the batteries, Rad Power Bikes filed for Chapter 11 bankruptcy protection. The company is seeking to explore strategic options, including a possible sale of its assets. The company listed assets of $32 million and liabilities of $72 million. [14] [15]
Due to the bankruptcy process, Rad Power Bikes has stated it will not honor warranties for products purchased prior to December 15, 2025, but will honor warranty requests for products purchased after December 15, 2025. [16]
On January 20, 2026, the company's retail warehouse in Huntington Beach caught fire, destroying the building. Rad Power Bikes stated that there were no people inside the building and that it was closed for the night. The fire also impacted a community building that hosted several businesses nearby. [17]
Acquisition
On January 22, 2026, an auction involving 5 other entities for the sale of Rad Power Bikes concluded with Life Electric Vehicles Holdings Inc, doing business as "Life EV Group" [18] as the winner, with a bid of $13,276,102. The sale includes all of Rad Power Bikes' equipment, inventory, intellectual property rights, and financial assets. [19] [20] Assumed liabilities include warranty claims, many of which were not honored due to the bankruptcy process. [16] The sale is not final until approved by the court.
If the deal falls through, a second backup bidder could finalize the deal. The second-highest bidder was an e-bike company known as Retrospec, who bid exactly $13 million in a backup bid. [20]
Life EV Group is a USA-based developer, manufacturer, and distributor of proprietary electric bikes, [21] and has the stated business model of acquiring and consolidating existing e-bike and other light electric vehicle companies via a "roll-up" model. Life EV Group has stated that when they acquire companies, they "will have their design, development, and production moved to the USA, and eBikes manufactured by our related company, Life EV, under an FTZ process on US soil." [18]
Life EV Group claims this model could provide better quality, pricing, and tariff controls, as well as improve most steps in the distribution and sale process, such as inventory control, assembly, quality control, and distribution. [18]
Life EV Group has not made a definitive statement on their plans for Rad Power Bikes, with CEO Robert Provost stating "There is still a process underway and there is an exciting future being planned for Rad Power", while directing further questions to Rad Power Bikes. [20]