Recently, Porsche’s electric bike company, Porsche eBike Performance, announced the gradual closure of its Greyp electric bike division by December 31, 2023. The company will shift its focus to the development and production of electric bike drive systems.
Porsche was one of the first major automotive companies to enter the ebike market, releasing its ebike products since 2021. Now, Porsche has chosen to exit the complete bike market and concentrate on the research and development of drive systems. According to Porsche eBike Performance, the company is currently in the process of selecting a location for its motor factory in Europe.
The decision made by Porsche stems from challenges faced in the profitability of the complete bike business. Greyp Bikes was renowned for its technically advanced electric bikes, incorporating top-notch bicycle components, carbon fiber frames, and various modern high-tech modules into its products. Greyp’s founder, Mate Rimac, was dubbed the ‘Croatian Musk’ for his significant contributions to the leap in electric bike performance. The off-road models under Greyp Bikes could reach speeds of up to 70 kilometers per hour.
In an effort to diversify transportation options, Porsche acquired a 10% stake in the Croatian electric bike brand Greyp in 2018 and continued to invest, increasing its ownership to 25% in 2021. In February 2023, after acquiring the drive system manufacturer Fazua, Porsche renamed Greyp Bikes to Porsche eBike Performance.
The company was divided into two vertical segments: one focused on developing electric bike drive systems, and the other on developing and producing Greyp electric bikes. However, reports indicate that the profitability of the complete electric bike business has been challenging. Given the slowdown in the growth of the complete bike market, Porsche made the decision to cease the Greyp electric bike division. Nonetheless, the electric bike market remains substantial. Porsche decided to concentrate on core technology research and development. Porsche eBike Performance plans to establish an electric bike motor factory in Europe, focusing on the research and production of electric vehicle drive systems.
Local Croatian media also reported, ‘It will be the first factory established by the German automotive giant Porsche in Croatia
