Business

Dutch E-Bike Firm ‘VanMoof’ Declared Bankrupt

VanMoof, the Dutch electric bike manufacturer whose popularity gave it the moniker ‘Tesla of e-bikes’ but has encountered financial difficulties, has been declared bankrupt by a court.

In September 2021, the firm raised $128 million in an effort to expand as it rode a boom in the e-bike sector following the Covid pandemic, which spurred people to seek other modes of transportation.

But it has suffered since then, according to Dutch media, because motorcycles broke down regularly and repairs took too long.

The Amsterdam firm lost about 80 million euros ($90 million) in 2021 and the same amount last year.

After VanMoof applied for creditor protection, an Amsterdam court granted the company a stay of payment last week.

However, the firm stated on Monday that the court has withdrawn the suspension of the payment process against VanMoof’s Dutch legal entities and declared these entities bankrupt.

VanMoof further stated that its legal entities located outside of the Netherlands are not insolvent.

As trustees, two administrators were selected.

In a statement, the company stated, “The trustees are investigating the possibilities of a re-start out of bankruptcy by means of an asset sale to a third party so that the activities of VanMoof can be continued”.

VanMoof’s bikes, which are available in 20 countries, are noted for their sleek, simple design, which includes a hidden battery in the frame. Its bicycles cost several thousand euros.

Also read: Russia Shoots Down 28 Ukrainian Drones Flying Over Crimea

Spriha Rai

Recent Posts

Hina Khan Hails 11 Years Of PM Modi’s Leadership; Highlights National Progress

As the nation marks 11 years under PM Modi's leadership, actress Hina Khan shares her…

2 hours ago

Subhash Ghai Hails PM Modi’s Transformative Vision For India

Subhash Ghai has praised PM Narendra Modi’s leadership for catalysing India’s growth and changing the…

3 hours ago

India & Central Asia Boost Rare Earth Cooperation At Delhi Meet

India and five Central Asian nations have agreed to deepen cooperation on rare earths and…

3 hours ago

PM Modi’s Beej Se Bazaar Tak Vision Reshapes Indian Agriculture

Prime Minister Modi has redefined Indian agriculture with the ‘Beej Se Bazaar Tak’ vision, transforming…

4 hours ago

EV Sales Cross 4% Mark In May; Signalling Steady Shift To Green Mobility

EV sales topped 4% of passenger vehicle retail in May 2025, signalling growing demand for…

4 hours ago

Self-Reliant Defence Industry Marks India’s Strategic Security Ascent

One year into Modi 3.0, reforms have reduced poverty, strengthened defence, and accelerated the digital…

4 hours ago