Rad Power Bikes Layoffs
April 2023
Rad Power Bikes announced a layoff affecting 0 employees in April 2023. The company operates in the Transportation sector.
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Apr 27, 2023
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Rad Power Bikes, a prominent U.S. direct-to-consumer e-bike brand, has conducted its fourth round of layoffs within a year as of April 2023, though the exact number of employees affected this time was not disclosed. This follows previous reductions of 100 employees in April 2022, 63 in July, and another undisclosed round in December. The company, which had positioned itself as the world's best-funded e-bike brand after raising $329 million by late 2021, cited ongoing economic challenges and market realities as reasons for the cuts. These measures aim to steer the company toward sustainability amid a downturn, despite its past rapid growth. Leadership changes also preceded this, with founder Mike Radenbaugh stepping down as CEO in November 2022 to focus on advocacy, succeeded by Phil Molyneux.
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