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Porsche acquires majority stake in premium e-bike maker Greyp

Croatian electric bicycle manufacturer Greyp Bikes has a new majority shareholder: Porsche. The venture capital arm of sports car maker Porsche Ventures has had a roughly 10% stake in the e-bike company since 2018.

Greyp (pronounced like fruit) was founded Mate Rimac – aka “Elon Musk of Croatia” – the brainchild of electric supercar startup Rimac Automobili. The company makes highly connected and extremely powerful electric mountain bikes, including the full suspension G6, the $ 10,000 flagship. The company sells its bikes in Europe and recently launched its US business based in San Pedro, California.

The investment is another sign of Porsche’s confidence in Rimac’s business prowess. The automaker also owns a small stake in Rimac Automobili, which it bought at the same time it initially bought shares in Greyp. Rimac recently announced that it is taking over Bugatti from Porsche’s parent company, Volkswagen, to form a new company called Bugatti Rimac.

The increase in investment comes at a time of accelerating growth in the world of e-bikes. Sales of e-bikes are growing faster than traditional bikes in most major markets. The pandemic was a big factor, with sales increasing 145% from 2019 to 2020, more than double the rate of non-motorized bikes, according to market research firm NPD Group.

Porsche characterized the decision to take a controlling stake in Greyp as part of its broader plan to invest in zero and low emission vehicles, including plug-in hybrids and the all-electric Porsche Taycan. The company said it would have a carbon neutral “track record” by 2030.

Porsche is no stranger to the world of electric bikes. Earlier this year, the automaker unveiled a pair of high-priced full-suspension electric mountain bikes, the Sport and Cross.

The Sport is a road bike intended for everyday use, with a full suspension carbon fiber frame, integrated front and rear lights, a Shimano mid-drive motor and a price of $ 10,700. The Cross, which is more geared towards off-road adventures, features a Shimano mid-drive frame, carbon fiber frame and full suspension frame, in addition to Magura hydraulic disc brakes. MT Trail which are extra wide and “heat resistant”. It weighs 48.7 pounds and sells for $ 8,549.

Porsche is the latest company specializing in combustion engine vehicles to enter the world of electric two-wheelers. A lot of times when you hear about car companies releasing their own electric bikes, it’s just a brand licensing deal. (Think Jeep’s electric bike or Hummer bikes from the last decade.) Other times, it’s a high-profile project that ends up falling victim to greater cost cutting from companies, like Ariv Electric Bikes. from General Motors. But sometimes something interesting emerges, like the recently released Serial 1 Electric Bikes from Harley-Davidson.

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