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MagyarMate Bike is latest e-bike brand to face financial problems
Mate Bike, an e-bike company based in Denmark, has become the latest e-mobility brand to face financial problems. The company launched in 2016, gaining popularity alongside other electric bicycle companies during the pandemic. Models include the SUV, a three-wheeled electric cargo bike with a 210 L load capacity, launched late last year.
As reported in the Danish media, Mate Bike is looking to restructure to avoid bankruptcy. The drop-off in demand and supply chain problems, alongside an enforced recall in the UK following a prosecution from the DVSA, have contributed to Mate Bike's current issues, with it now seeking to have 70 million kroner (~US$10,000,000) of debt, owing to companies like Nykredit and Eifo, written off. In another move to improve the company's health, Janus Christian Fjeldborg was recently appointed as the new Managing Director.
In a statement to the media, Anders Kaasgaard, Chairman of the Board of Directors of Mate Bike, made it clear that the company was "quite optimistic that we can create a plan that can partly secure the jobs and the future of Mate Bike, so we can continue to build this e-bike brand all over the world". A similar situation was seen with VanMoof earlier this year, resulting in a last-minute acquisition by e-mobility brand Lavoie, a subsidiary of McLaren.
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