Juiced Bicycles Auctioned for 1.2 Million Dollars.
Juiced Bikes, a San Diego-based electric bike manufacturer, has been sold through an auction site for $1,225,000, according to a report.
Juiced Bikes, a company known for manufacturing electric bicycles and based in San Diego, has been sold through an auction site for a total of $1,225,000. Recently, it had been reported that the company was facing serious financial difficulties, with speculation about its potential bankruptcy. During this time, company executives did not provide statements, customer inquiries went unanswered, and the Juiced Bikes website indicated that all its products were out of stock. Moreover, numerous layoffs were reported within the company.
The clearest indicator of the crisis was that the company’s assets appeared on an auction site, a common practice among bankrupt companies. According to available information, the assets of Juiced Bikes were sold, including a dozen patents, several URLs, and inventory both in the United States and China. The identity of the buyer is unknown, but it is suggested that they might leverage the brand's recognition and the overall value of the company, which has a 15-year history. Juiced Bikes was founded in 2009 by Tora Harris, an American Olympic high jumper, and became one of the pioneers in offering electric bikes directly to consumers in the U.S. market.
The company managed to build a good reputation thanks to the versatility of its bicycles and the durability of its batteries. Over the years, the popularity of models such as CrossCurrent, HyperScrambler, and RipCurrent further solidified its prestige. In 2022, the Juiced Bikes Scorpion X2 was recognized as the best moped-style electric bike of the year, thanks to its versatility, numerous features, and outstanding performance.
The rapid sale of Juiced Bikes could be indicative of a recovery in the electric bike market in North America, according to a report from consulting firm Houlihan Lokey. This industry has experienced ups and downs during the COVID-19 pandemic, as explosive demand for electric bikes faced supply chain disruptions, creating a supply and demand gap of "historic proportions," according to the same firm.