Categories: Environment

This manufacturer of electric motorcycles and scooters is already filing for bankruptcy

The Swedish brand of electric motorcycles and scooters Cake has declared bankruptcy. Employees were not paid last week.

With the rise of electric mobility, new players have emerged in the automotive and two-wheeler industries. The number of new electric vehicles and their manufacturers has increased, showing promise in the initial months and years for these newcomers.

However, some of these new players face difficulties and challenges, as observed in the recent economic slowdown.

Electric motorcycles: a merciless industry

This is evident in Sweden with Cake, a prominent electric two-wheeler manufacturer, experiencing financial difficulties. Despite recent fundraising efforts, the company, founded in 2016 by Stefan Ytterborn, has filed for bankruptcy. This news comes shortly after announcing the upcoming release of their most efficient motorcycle, Bukk, raising doubts about its future availability.

Cake’s founder Stefan Ytterborn explained in an interview with the media on February 1st that the company failed to secure the necessary funds to continue its expansion, despite plans for European expansion in the Czech Republic. Cake’s future now appears uncertain.

Caution among investors?

Investor reluctance is raising questions, particularly since Cake has been a pioneer in the electric two-wheeler market since the launch of its first model, the Kalk motorcycle, in 2018. The unique design of their motorcycles, although controversial, did not fully convince investors to support the company, especially given the current economic climate. Cake currently has around 140 employees in Stockholm, Los Angeles, New York, Milan, and Paris.

Reports indicate that some employees were not paid last week.

Read also:
Two-wheel technical inspection: a new twist
He invents a motorcycle that works… on water!
Buying a used motorcycle: where to start?

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