What is the lawsuit against rad bikes?
According to the lawsuit, the e-bike was defective, and in its aggressive push for a greater share of the e-bike market, rad power bikes knowingly released into the stream of commerce a product powered by unstable lithium-ion battery technology known to trigger thermal runaway events. The radmission is a class 2 e-bike with a streamlined design and city bike style. Rad power kept things simple with a single-speed drivetrain, but unlike most metro bikes it comes with a 500w high torque motor, throttle, and 4 levels of pedal assist with supported speeds up to 20 mph.
Is Rad Power Bikes in financial trouble?
Why did Rad Power Bikes file for bankruptcy? Rad Power Bikes filed chapter 11 after revenue declined from ~$318 million at peak (2021) to $63. In its bankruptcy filing, Rad revealed a steady drop in gross revenue — from $129. The company reported total liabilities of nearly $73 million, more than double its assets of $32 million.