![]() In August, a wrongful death suit was filed by the parents of a California girl who died while a passenger on a RadRunner e-bike. However, Rad Power has experienced its share of additional challenges this year in the form of three lawsuits. The brand says it has more than 550,000 riders on its e-bikes. Petersburg, Florida, and Brooklyn, New York. ![]() Rad Power Bikes announced in July it opened its sixth showroom store, this one in Salt Lake City, with plans to open stores in Huntington Beach, California, St. ![]() In October 2021, after it announced the latest $154 million financing round that brought the total of investments to $329 million since its inception, the company claimed it was the world's best-funded e-bike brand in the direct-to-consumer market. Rad Power Bikes has been one of the fastest-growing e-bike brands in the U.S. Phil Molyneux, who joined the brand nine months ago as president, succeeded Radenbaugh to lead day-to-day operations. Last month, CEO Mike Radenbaugh stepped down as CEO and transitioned to chairman of the board to focus on e-bike advocacy and innovation. We have a clear and actionable path toward financial stability and will continue to prioritize initiatives that allow more people to experience the unexpected joy of e-bikes and to change their ride for good." "The economic downturn, inflationary pressures, and softening consumer spending require us to further reduce costs, which unfortunately includes decreasing the size of our team. "Over the last few months, we've been focused on right-sizing our operating costs to become a self-sustaining business," the Rad Power spokesperson said. "We are focused on supporting our team through this, so we won't be providing additional details at this time," a Rad Power spokesperson told BRAIN on Friday afternoon.Ī growing number of cycling and tech companies have experienced workforce reductions this year.
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