SEATTLE (BRAIN) — Rad Power Bikes, a Seattle-based direct to consumer e-bike brand, says it will increase the price of its U.S. e-bike models by $200, and its commercial-grade e-trike model by $800. The price increases will take effect Aug. 23, the day a new 25 percent tariff on China-made e-bike goes into effect.
"The electric bike movement is skyrocketing in the U.S. and has the true potential to improve our country's environment and wellness," said Mike Radenbaugh, the co-founder and CEO of Rad Power Bikes. "We do not want to see the tariff slow down the momentum, so we're being very transparent about how the industry is being impacted."
Rad Power Bikes has nearly 75 employees, including 60 in Seattle. The company said it is able to absorb much of the price increase but is still forced to raise retail prices.
"We believe e-bikes have the power to change the way people and goods move, and we won't let the tariff stop us from disrupting the world of transportation," said Radenbaugh. The company also released a video explaining the decision.
