Part ebike, part car, the Podbike Frikar was a wild stab at the future of transportation. Cory wrote about Podbike’s Frikar back in 2021, which was a collaboration with German bike company, Storck. Now just under four years later, it appears that the Norwegian electric bike manufacturer has filed for bankruptcy. The decision comes on the heels of a long period of “financial constraints”. These have impacted Podbike’s ability to grow the company into a profitable business.
Podbike is a Norwegian company dedicated to creating innovative electric bikes, like the Frikar. They offered sustainable and practical alternatives to traditional modes of transportation. With an obvious focus on design, efficiency, and environmental impact, Podbike’s goal was to make urban mobility more accessible and sustainable. It also offered a completely enclosed cabin – the answer to those “what about when it rains!?!” questions from cycling naysayers.
Finacial Struggles
Podbike gathered a loyal customer base and experienced intial success. But the company faced significant financial challenges over the past year. A combo of increasing production costs, supply chain disruptions, and the “global economic slowdown” resulted in lower-than-anticipated sales numbers. Add the burden of mounting operational costs, and the efforts to pin down additional funding through investment rounds and partnerships weren’t enough to bridge the financial gap.
It was after “thorough consideration and consultation with financial advisors, Podbike’s board of directors concluded that filing for bankruptcy was the most prudent course of action.”
Obviously, the bankruptcy is going to have significant repercussions for the company’s employees and customers. Podbike has made it a priority to commit to support and clear communications during the transition.
From Podbike’s CEO
”We are deeply saddened to make this announcement,” said Bernt Rosli, CEO of Podbike, and continues, “Our team has worked tirelessly to bring innovative solutions to the market, and we remain proud of our achievements. We would also like to take this opportunity to extend a big thank you to our investors, customers, and loyal supporters. Their belief in us made everything possible – and while we didn’t reach the destination we envisioned, we’re deeply grateful to have shared this journey with them“.
