Cowboy, the Brussels-based related e-bike maker, says it has secured the lifeline it must hold the lights on – and the wheels turning – after what the corporate calls “essentially the most difficult interval in its historical past.” And whereas market downturns and provide chain woes set the stage, it was a recall that almost pushed the model over the sting.
Over the previous two years, Cowboy has been driving by means of the identical headwinds which have knocked down a lot of the bike business: post-COVID demand shifts, provide chain breakdowns, and a brutal market correction that has already claimed a number of high-profile e-bike manufacturers. However in the midst of that storm got here an additional blow – the corporate’s first-ever recall.
It began with an unapproved change from a provider that affected a subset of Cowboy’s Cruiser ST bikes. It turned out that the frames had been beginning to crack after 2,500 km (1,550 miles). The difficulty was clearly critical, and it inevitably triggered an official recall. Frames had to get replaced, deliveries had been delayed, spare elements grew to become scarce, and customer support backlogs grew. For a corporation constructed on modern design and seamless rider expertise, it was a intestine punch.
Cowboy says they stored quiet publicly whereas engaged on an answer, however now they’re prepared to speak – as a result of they’ve discovered one. In an announcement this week, the corporate revealed two main milestones: short-term financing to restart manufacturing and operations, and a signed time period sheet with new monetary accomplice REBIRTH GROUP HOLDING SA. The deal comes with the backing of Cowboy’s current buyers and debt supplier, setting the corporate on a path it says will result in long-term stability.
There’s already some tangible progress. Substitute frames have arrived from suppliers, the primary recall service hub is now operational (with extra to open this summer time), and manufacturing is regularly ramping again up.
Cowboy’s objective is to have regular operations restored earlier than the tip of the 12 months, which implies clearing backlogged orders, resolving excellent buyer instances, and getting again to the extent of service that gained them awards and constant riders within the first place.
Cowboy has constructed a repute for high-tech, urban-focused e-bikes and a premium driving expertise, with prospects throughout Europe and the US. However even the best-connected bike on this planet can’t outrun a recall and a funding crunch eternally. Now, this new deal offers Cowboy each the additional money and the additional shot it must hold the trip going.
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