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MagyarEnd of road for CAKE as Swedish electric motorcycle startup files for bankruptcy
Things are not looking good for the e-mobility industry, with Swedish electric motorcycle startup CAKE becoming the latest company to file bankruptcy. While the company has not yet made an official announcement, CEO Stefan Ytterborn has confirmed the development to media outlets. It has faced financial troubles of late, and the pulling out of one of its investors in the middle of a funding round is reportedly what pushed the company over the edge.
CAKE has made waves with – and won awards for – the clean, functional and modular design of its motorcycles since the launch of its first (and flagship) model Kalk in 2018. In addition to the Kalk motorcycle, which was available in off-road and street variants, CAKE also offers several commuter and commercial utility mopeds with an array of build configurations and accessories to suit various usage scenarios.
The company’s challenges started in November last year, when its Osa mopeds had to be recalled due to the risk of its aluminium steering column breaking. Shortly afterwards, a Kalk unit catching fire while charging forced another recall to replace the batteries of affected units. Last month, Ytterborn informed Swedish news outlets that the company would be unable to pay its employees.
CAKE joins a number of e-mobility companies that have met a similar fate after struggling financially in recent times – e-scooter manufacturers VanMoof, Bird and Superpedestrian, and e-bike makers Mate and Sondors have all either declared bankruptcy, shut down operations or been rescued through last-minute acquisition. The last option could keep the brand alive and would naturally be best for CAKE, but so far the company’s future plans remain unknown.
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