Lectric eBikes is pushing ahead with an expansion strategy that stands in sharp contrast to the turmoil that has hit the electric bike industry.
The Phoenix-based company has launched three brands this year:
- A revived Juiced Bikes
- Juiced Powersports
- Premium adventure brand Monarc
Together, the initiatives represent about $10 million in investment, according to chief executive Levi Conlow.
“Others might be pulling back, or raising money, we’re actually deploying and investing into initiatives like this,” Conlow said.
Betting on a market others have exited
The expansion comes after a difficult period for the e-bike sector.
Over the past two years, several companies have shut down, filed for bankruptcy or exited the U.S. market.
Among the most prominent was Rad Power Bikes, which raised nearly $330 million in venture capital and reached a valuation of $1.65 billion. The company filed for Chapter 11 bankruptcy protection in December, and its assets were later acquired by Life Electric Vehicles Holdings for $13.2 million.
Conlow believes the shakeout has created opportunities.
“To me, it’s just opened it up,” he said. “I think the market actually lacks a lot of worthy competition right now.”
Built without venture capital
Conlow and co-founder Robby Deziel, childhood friends who started the business seven years ago, initially built Lectric without outside funding.
The company later received investment from private equity firm Bertram Capital Management in 2020.
Lectric expects to ship 150,000 bikes in 2025. Conlow said the company recorded its strongest monthly sales ever last month, selling nearly 30,000 bikes.
“I’m not sure anybody has done that before, even at like peak COVID,” he said.
Separate brands, separate identities
Conlow said Lectric has learned that a single brand cannot serve every customer.
“What we’ve learned is that Lectric cannot be everything to everyone,” he said.
The company sells folding bikes, electric tricycles and other products, with roughly 90% of sales coming directly through its website.
Monthly traffic ranges between 2 million and 4 million visitors, depending on the season.
To avoid diluting the Lectric brand, each business operates independently, with separate:
- Engineering and product development
- Branding
- Marketing
- Customer service
Conlow said he wants the brands to compete with one another.
“We don’t want three brands that end up looking and performing the same or feeling the same. There should be healthy competition between [them],” he said.
Monarc, which began as an internal project at Lectric, officially launched this week as a standalone company based in Minnesota.
The brand is led by industry veterans Julia Moran and Ryan Callahan.
Its first model, the Marker, is an all-terrain electric bike scheduled to begin shipping in July.
Features include:
- Two LG 48-volt 15Ah batteries
- 720 watt-hours of capacity per battery
- UL 2271 certification
- A 5-amp fast charger
- A Bafang motor
- Shimano drivetrain
- A 3.5-inch color touchscreen
- Compatibility with rearview radar and smart helmets
Monarc also offers:
- A five-year warranty
- Phone support with human representatives
Conlow said none of the company’s brands will use AI for customer service.
More launches possible
Monarc employs about 10 people, while the two Juiced brands have around eight employees each. Lectric itself has a workforce of 170.
The newer brands rely on Lectric’s supply chain and back-end operations while maintaining separate identities.
Conlow said additional launches remain a possibility, though the company is focused on integrating its current businesses.
“We continue to explore and keep our eyes open,” he said.
“We have made our plate very full, and we’re going to stay focused on this.”
TL;DR:
Lectric eBikes has invested about $10 million to launch three brands this year, betting on growth as many competitors struggle. The company expects to ship 150,000 bikes in 2025 and says the recent industry shakeout has created opportunities.
AI summary:
- Lectric launched Monarc, Juiced Bikes and Juiced Powersports this year.
- The company has invested about $10 million in the three brands.
- Lectric expects to ship 150,000 bikes in 2025.
- The company was built without venture capital before taking private equity funding.
- CEO Levi Conlow said the e-bike market lacks strong competition after recent failures.
