Rad Power Bikes has initiated layoffs for the third time in 2022, the company confirmed to the Business Journal on Friday.
The Seattle-based e-bike company didn't provide details on how many employees were impacted or how many employees remain at the company. Rad Power has more than 480 employees listed on LinkedIn.
"Over the last few months, we’ve been focused on right-sizing our operating costs to become a self-sustaining business," a Rad Power spokesperson said in an emailed statement to the Business Journal. "The economic downturn, inflationary pressures and softening consumer spending require us to further reduce costs, which unfortunately includes decreasing the size of our team. We have a clear and actionable path toward financial stability."
Rad Power raised more than $300 million across two funding rounds in 2021 but has faced challenges in 2022.
The company laid off about 100 workers in April when it shuttered its mobile services arm, and it laid off 63 workers in July, citing an uncertain economic outlook and increased operating costs.
Rad Power also faces a wrongful death lawsuit filed in August by the parents of a 12-year-old girl who died in an accident while riding on the back of a Rad Power e-bike.
In November, Rad Power announced Phil Molyneux, a former Sony and Dyson executive, had taken over the CEO role from Mike Radenbaugh, who founded the company in 2007. Radenbaugh is now chairman of the company.
Rad Power makes a variety of e-bikes. According to the company, it has more than 550,000 riders globally. Rad Power also has a partnership with Domino's to provide e-bikes to the pizza chain's delivery workers.
