Sad news from Sweden, where local business media has reported that electric bike maker Cake has gone out of business. The firm’s administrator, Fylgia Advokatfirman, has made a statement that the firm declared bankruptcy on 1 Feb 2024, with attorney Jakob Callmander appointed as the administrator.
Cake gained attention with a series of avant-garde urban mobility machines which had quirky styling and high price tags. The wide downturn in fortunes for electric two-wheelers last year seems to have been too much for the start-up’s finances to bear.
Fylgia says that it’s currently preparing tender documents for the sale of the business, which will be published on www.fylgia.se once finalised. Interest in accessing the tender documents can be expressed by email to [email protected].