After much speculation about the future of the e-bike company, Cowboy has announced that it has secured the financial support needed to stay afloat. The Brussels-based manufacturer of high-end e-bikes has obtained short-term financing to ensure its immediate survival and has also received a commitment from Rebirth Group Holding that will guarantee its long-term sustainability.
Despite earlier promises to avoid the fate of VanMoof, the bicycle company faced challenges that threatened its viability. Reports from media outlets and disgruntled customers highlighted issues such as delayed deliveries, repair delays due to parts shortages, missed payments, and escalating debt.
Before reaching an agreement with its new partner, Cowboy had already established a relationship with Rebirth Group. Rebirth, the parent company of Re-cycles, a French bicycle manufacturer, had recently taken over the assembly operations of Cowboy’s e-bikes. While this transition initially caused some short-term challenges during the move out of Hungary, today’s announcement solidifies Rebirth Group’s commitment to Cowboy’s future.
The company faced a significant setback with the costly recall of its Cruiser ST model following the post-covid bikeaggedon, which continues to impact the e-bike industry. Cowboy attributed the recall to an “unapproved change from a supplier.”
With funding secured, replacement frames ready, and the first recall hub operational (with plans for expansion to more cities), Cowboy anticipates a gradual return to normal operations and production.
In a press release, Cowboy stated, “Our primary focus is to restore normal operations by the end of the year, in collaboration with our new partner. This involves delivering exceptional bikes, resolving outstanding issues, and meeting the service standards expected by our customers.”
Cowboy plans to provide further updates on its progress in September.
