What's Happening With VanMoof eBikes
Two short years ago, Dutch company VanMoof proclaimed itself "the most funded e-bike company in the world." VanMoof's sleek electric bikes were expected to revolutionize the market with their premium build and integrated digital theft prevention system.
However, this past month, people began speculating that the company was in hot water. Speculation began after TechCrunch reported that VanMoof's CEO, co-founder, and president jumped ship. This news came out around the same time the company announced that it was not taking any more bike orders.
Frustration then grew from consumers who demanded answers. In response, the company took to social media to assure users that taking the bike off the market was due to system maintenance. However, the plot thickened when the company later contradicted its previous statement, telling TechCrunch that it stopped taking orders on purpose.
Since then, things have only gotten worse for VanMoof. We now have reports that the company is facing serious financial troubles that could jeopardize the company.
VanMoof is down but not out
VanMoof has just confirmed to TechCrunch that the company has applied to the Dutch Court for a suspension of payment provision. If granted, this suspension would excuse the company from payments until certain requirements are met. According to the Dutch publication NRC, translated by TechCrunch, this move prevents the company from going bankrupt during this turbulent time. Alongside the application, Thijs Plug, global PR lead at the company, commented, "Together with the management of VanMoof the administrators are currently assessing the situation to find a solution so that VanMoof can continue its activities."
As for why the company is facing financial trouble, it is hard to say. TechCrunch previously theorized that the company is struggling because the e-bike market is becoming increasingly competitive, with new bikes such as Priority Bicycle's E-Coast, and even an AI-powered bike wowing riders. Another theory is that the company is poorly run, resulting in maintenance issues that scare away customers.
Following the news, many wondered what would happen to their bikes if the company went under. The main concern was that the bikes' security codes are stored in the official VanMoof app, so many understandably panicked, thinking that their bike would cease functioning if the app went down. In response, its competitor Cowboy published an app to create and store security keys for VanMoof bikes. Many VanMoof bikers are fleeing to this newly created app as they await more news from the troubled Dutch company.