The bankruptcy announcement of the U.S. e-bike giant Superpedestrian on December 31, 2023, has sparked widespread attention in the industry. Following the bankruptcy declaration, all of Superpedestrian’s assets, including over 20,000 electric bikes and related equipment, are set to undergo liquidation and are expected to be auctioned off in January.
According to reports, two listings for “global online auctions” have already appeared on Silicon Valley’s disposal website, featuring Superpedestrian electric bikes located in Seattle, Los Angeles, and New York City. The first auction is scheduled to commence on January 23, lasting three days, during which the equipment will be bundled for sale. Subsequently, the second auction will take place from January 29 to January 31.
Superpedestrian, founded in 2012 by former Lyft and Uber executive Travis VanderZanden, made significant strides in 2020 by acquiring the Boston-based company Zagster, venturing into the shared electric scooter business. Since its inception, Superpedestrian has completed eight rounds of financing, raising $125 million in less than two years, expanding its operations to numerous cities worldwide. However, the operational demands and fierce competition in the shared mobility market, coupled with financial difficulties in 2023, led to a gradual deterioration of its financial situation, ultimately rendering the company unable to continue its operations.
In November of the previous year, the company sought new financing and engaged in merger negotiations, which ultimately proved unsuccessful. By the end of December, unable to withstand the financial strain, Superpedestrian declared bankruptcy and announced the closure of its U.S. operations at the year-end, considering the sale of its European assets.
Shortly after Superpedestrian’s announcement of closing its U.S. operations, the shared mobility giant Bird also declared bankruptcy, and the U.S. shared electric scooter brand Micromobility was delisted from Nasdaq due to its low stock price. Another competitor, the European shared electric scooter brand Tier Mobility, underwent its third round of layoffs in the year in November.
As urbanization accelerates and environmental awareness grows, more people are seeking convenient and eco-friendly modes of transportation, giving rise to shared mobility. It not only addresses the challenge of short-distance travel but also satisfies the demand for low-carbon and environmentally friendly options. However, as a nascent model, the sharing economy is in the exploratory stage of defining its patterns. While the sharing economy has its unique advantages, its business model is continually evolving and adjusting. With technological advancements and the gradual maturation of the market, it is hoped that the business model of the sharing economy will be further refined and developed.
