May 3, 2026 - Rad Power Bikes has been acquired by Life Electric Vehicles Holdings Inc. (Life EV) which had the top bid at $13.2 million back on January 22.

Five bidders participated in the auction for Rad Power assets following the company’s declaration of Chapter 11 bankruptcy protection in late Dec. 2025. The total value of the winning bid was $14.9 million when including Rad Power’s liabilities.

Once touted as the most funded e-bike company in the world, Rad Power Bikes raised upwards of $324 million and was once valued at $1.65 billion.

Following the closing, Life EV will continue retail operations under the Rad Power Bikes brand in the United States and plans to expand its retail footprint in select key markets. Life EV also intends to support Rad riders through post-closing customer programs, including honouring certain warranties and gift cards in accordance with the terms of the asset purchase agreement.

Back in 2023, Life EV and Lane VC joined forces to acquire and develop Serial 1 Cycle Company, which originated at Harley-Davidson and had become a separate division in 2021. This new asset acquisition advances Life EV’s broader strategy to expand electric mobility across North America by building a portfolio of EV brands supported by vertically integrated capabilities.

Life EV plans to transition Rad Power Bikes’ production to the United States through affiliated manufacturing operations utilizing a Foreign Trade Zone (FTZ) structure on U.S. soil. This integrated manufacturing approach reflects a long-term vision for scalable operations, through the broader Life EV platform.

Rad Power Bikes saw challenging times that resulted in the company filing a Worker Adjustment and Retraining Notification (WARN) back on Nov. 7 with the Washington state Employment Security Department, indicating the pending loss of 64 jobs at its headquarters.

Then on Nov. 24, the U.S. Consumer Product Safety Commission (CPSC) issued a warning for consumers to immediately stop using certain lithium-ion batteries for Rad Power Bikes e-bikes, as the batteries posed a risk of serious injury or death. The company was unable to offer replacement batteries or refunds to consumers.

In late Dec. 2025, Rad Power Bikes filed for Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court for the Eastern District of Washington, facing $73 million in liabilities with $32 million in assets.