E-Bike Firm 'VanMoof' In Netherlands Declared Bankrupt

The company had raised $128 million in September 2021 in an effort to expand as it rode a boom in the e-bike sector after the Covid pandemic prompted people to seek alternatives means of transportation.

Dutch electric bike maker VanMoof, whose popularity earned it the name "Tesla of e-bikes" but has faced financial problems, has been declared bankrupt by a court, the company said Tuesday.

The company had raised $128 million in September 2021 in an effort to expand as it rode a boom in the e-bike sector after the Covid pandemic prompted people to seek alternatives means of transportation.

But it has struggled since then, with Dutch media saying it was plagued by bad publicity as bikes broke down frequently and repairs took too long.