Scooter company backed by Formula 1 supplier buys 'Tesla among e-bikes'

VanMoof bikes have gained a cult following for their minimalistic design and cost over £2,000. Photo: PIROSCHKA VAN DE WOUW/REUTERS

Although the financial terms of the rescue deal were not disclosed, Nick Fry, chairman of McLaren Applied, said the VanMoof reboot would require «tens of millions.»

“There are serious problems,” he said. The company is in the process of hiring employees laid off as a result of the collapse. Mr. Fry said the VanMoof brand will continue to be used.

Lavoie was launched in 2021 and sells premium e-scooters under the slogan «Born British Motorsport».

About VanMoof bikes, Mr. Fry said: “The product is good overall. Customers love it.”

The bike quality problems, according to Mr. Fry, were “solvable,” but VanMoof grew too fast and “tried to do everything on its own.”

Mr Fry said he couldn't guarantee that people who bought bikes before VanMoof collapsed would get them. He said: «I'm not going to make promises that we have no idea if we can keep.»

He added that his top priority was to «put parts on the market that would allow bikes to be refurbished» by third parties dealers.

Elliott Wertheimer, chief executive of Lavoie, said the two businesses are «a perfect match.»

He added: «VanMoof has 190,000 customers worldwide and we're committed to keeping those passengers on the road.»