Swedish electric motorbike manufacturer Cake is insolvent
The bankruptcy and the intended sale of the Swedish company are mentioned in a short press release from the Fylgia law firm responsible for the insolvency administration. However, the reasons for the insolvency are not mentioned in the press release. On its website, Cake confirms the insolvency as of 1 February and announces that sales have been suspended until further notice and that the insolvency administrator is seeking to sell the business.
The insolvency comes as a surprise. At the end of January, Cake issued a press release in which it announced the expansion of its global distribution network to include the Czech Republic. In the press release, Stefan Ytterborn, Cake’s founder and CEO said: “The inclusion of the Czech Republic in our global distribution growth plan is a momentous step for CAKE. As one of the first European countries to welcome our products, this move underscores our commitment to increasing accessibility to sustainable electric motorcycles worldwide.”
Cake specialises in fairly minimalist and lightweight e-motorcycles. The model range most recently consisted of four platforms – the off-roader Kalk, the modular utility bike Ösa, the urban commuter Makka and the e-bike Åik. In March 2023, we reported on new sales and production partnerships with which the company aimed to sell over 200,000 of its electric motorcycles in China, Mexico and Greece.