E-bike manufacturer Qwic folds as “stagnant” sales hit profits

Amsterdam-based Qwic has become the second e-bike manufacturer to be declared bankrupt in four months.

The company was listed in the insolvency register, a week after a court granted it extra time to pay its bills.

Qwic did not respond to the news, but told customers in an e-mail last week that it had been hit by “stagnant” sales of electric bikes, which had forced retailers to cut prices.

The company also blamed a €12 million tax demand relating to the import of components from Taiwan for adding to its financial stress. “The threat of this retroactive demand made it imposslble to refinance the organisation in the short term,” it said.

In July VanMoof, known for its sleek hi-tech bikes with built-in tracking equipment, was declared insolvent after running up losses of €80 million in 2021. The company has since been acquired by British electric scooter manufacturer Lavoie.