Seattle-based Rad Power Bikes reported it will close its EU operations in 2023 to focus on the North American market. The company has been selling its bikes in Europe since 2018.
In a letter posted on the Rad Power Bikes European website on Monday, CEO Phil Molyneux wrote, “Over the past several months, we have conducted an in-depth evaluation of our business globally to ensure that we are on a successful path. After an extensive review of potential scenarios, it has become apparent that in order to sustain our competitive edge and achieve long-term success, we must close our operations in Europe and focus our resources and efforts on growing our North American operations.”
