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Welcome to Flywheel, a weekly exploration of owned and used micromobility. Each newsletter will highlight an observation of trends emerging in the industry and feature five of the most interesting vehicles/hardware in micromobility.

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The observation of the week explores Cowboy’s recent innovative launches. This week’s featured vehicles are an e-MTB from a unique new brand, a high-performance hub motor, a utility ebike, a commuter, and a cruiser.

Observation of the Week

🤠 Cowboy lassoing VanMoof’s mantle

With the struggles that VanMoof has gone through over the last few years, the micromobility industry is looking for someone to fill the void that VM has left in the tech-enabled and smart ebike category. The heir apparent seems to be Belgium-based Cowboy, who has made some innovative and unique new moves over the last few weeks.

Earlier this month, Cowboy launched an ebike trade-in program in collaboration with second life ebike marketplace Upway. As CTO Tanguy Goretti described it, “owners of over 200 e-bike brands can participate, receiving the average value of their old bikes – typically over €1000 – plus an additional €150 voucher for upgrading to a new Cowboy model.” This is a discount only applicable towards the purchase of a new Cowboy bike.

Although it’s not surprising given the current uncertainty around availability of replacement parts, it’s worth noting that VanMoof isn’t one of the accepted brands. Rad Power is the most popular D2C brand that is accepted, and most of the common dealer-network OEMs are eligible as well.

Interested riders can get an instant valuation of their old ebike online. Once approved, an expert will come to you to check and confirm the value of the vehicle. You can also take your old ebike to a Cowboy brand store in Brussels, Berlin, or Paris for this verification process. Upway will then handle the refurbishment and resale of the old vehicle. The trade-in program is currently live in 25 European cities.

The current trade-in value for a Cowboy through this program is estimated to be about €800. This is a surprisingly low offer considering the current Flywheel data on Cowboy ebikes. In the US secondary market, the average resale price for a Cowboy $2,342.03 and the average discount off MSRP is ~33%. They have an average mileage of 106.83mi, and ~85% of them are in like-new or new condition.

Additionally, Cowboy also launched In-Ride Games earlier this month. Available on the Cowboy Connect app when riders dock their smartphone to their Cowboy, In-Ride Games represent one of micromobility’s first ventures into the world of AR social gaming. This is something a lot of riders have been wanting for a long time, and it’s exciting to see Cowboy explore this space by taking advantage of their best-in-class connectivity. There are currently 3 games available to play:

Cowboy’s In-Ride Games are a great encapsulation of Horace Dediu’s concept of “smiles, not miles,” and they’re a good example of what ebikes can do to become fun, prized possessions that bring riders both utility and joy. Games can only be played in safe cycling environments like parks or tracks, and are a part of Cowboy’s connectivity upgrade package that costs €199.

All that being said, Cowboy still has a long way to go to scale their business sustainably and avoid some of the mistakes of its D2C predecessors. Prabin Joel Jones gave a great breakdown on Cowboy’s most recent financials on LinkedIn a few days ago. Some key takeaways:

• “Cowboy's revenue was down 17.6% to €33.7m from €40.9m in 2022. [This] decline in sales is inline with wider e-bike sales trend in Europe.”

• “Losses narrowed to €21.6m from €32.1m mostly from reduced purchases - €17.2m in 2023 vs €33.5m in 2022.”

• “Operating losses as a percentage of revenues improved from 66.3% to 57.4%. Operating loss in 2023 was €19.3m vs €27.1m in 2022.”

• Cowboy has raised $149.8M in financing to date.

Cowboy CEO Adrien Roose actually responded to this breakdown and provided some further color on this data:

During a difficult time where we’re seeing an industry-wide decline in ebike sales, a collapse of the fundraising environment for micromobility, and challenging macro conditions (to say the least), Cowboy has performed admirably well and continues to improve both its fundamentals and its technology. Its continued innovation is a positive sign for smart ebikes, and it’s clear that Cowboy is beginning to lasso VanMoof’s mantle in the tech-enabled ebike space.

For more observations and resources on owned and used micromobility, check out rideflywheel.com/resources.

Featured Vehicles of the Week

1. DJI Amflow PL | $7,500-$12,850

The Amflow PL is a class-1 electric mountain bike launched earlier this month by leading drone manufacturer DJI. I love a good crossover of a major player in a tangential industry entering the micromobility space, and DJI’s e-MTB brand Amflow is a perfect such example. According to DJI: “DJI’s long history of R&D in motor, battery technology, and software development drove the creation of the DJI Avinox Drive System, which powerfully combines torque, battery capacity, 2-inch OLED touchscreen, remote controls, and a charger/supercharger.” As DJI explained, the magic of the PL is in its powertrain. Custom designed and manufactured by DJI, it features a 105Nm internally geared mid-drive motor and a 600Wh or 800Wh battery pack. The powertrain is UL-certified and has a “durable, high-strength polymer material inside the Drive Unit [that] effectively suppresses noise during high-speed gearbox operation.” As one would expect of a DJI electronics system, the PL’s powertrain has sophisticated controls and software features. Pedal assistance is controlled by a torque sensor and can be configured under 5 different levels, and there’s even an auto mode which “adapts assistance in real-time based on road conditions and riding position.” In addition, the powertrain has a boost function similar to VanMoof’s, a walk mode, an auto hold, and a hill start assist. There are two sets of Buttons on the handlebar that are wirelessly connected via bluetooth to the e-system and display to control the ride settings. The PL isn’t a slouch from a traditional bike and frame side of things either. It only weighs 19.2kg, which is highly impressive for an e-MTB. The carbon fiber frame weighs ~2.27kg while the powertrain weighs somewhere between 5kgs to 6.25kgs based on the configuration. Lastly, a strong front suspension fork and four-bar linkage rear suspension balance out the PL and give it confidence-inspiring handling on trails. A date for the start of sales still hasn’t been set. Listing can be found here.

2. MAHLE X30

Announced last month, the X30 is the latest hub motor and powertrain system by German automotive tier-1 supplier MAHLE. In the micromobility world, MAHLE’s product offerings center around high-end hub motors. Although it may seem like a surprising choice to focus on hub motors instead of mid-drives in the premium segment, hub motors are lower in weight and easier to maintain. This makes them excellent candidates for the powertrains of sport and road ebikes. MAHLE’s previous X20 system was touted as the “lightest e-bike drive system in the world,” and the X30 is even lighter and actually a tad cheaper. The X30 system is built around its 45Nm hub motor, which is rated for 250W and weighs an astonishingly low 4.2lbs. The remaining components of the package come from the X20 ecosystem: a 237Wh iX2 or 350Wh iX3 main battery pack, an optional 171Wh eX1 range extender battery pack, a minimal HMI display, an “AI-driven” torque sensor for pedal assistance, e-shifters, and a Duo remote to control ride parameters. MAHLE states that the X30 is designed for everything from road bikes and city commuters to children’s ebikes, but I think it’ll realistically mainly be featured on sport ebikes that retail for ~$3,500+. There are currently 3 ebikes available with the X30 system: the Bianchi e-Oltre, the Stevens E-Strada 6.3.4 FEQ, and the Stevens E-Strada 7.3.4 FEQ. Listing can be found here.

3. Electra Ponto Go! | $2,200 | Seattle

The Electra Ponto Go! is a class-2/class-3 utility bike mixed with a moped-style scrambler frame. Utility and scrambler ebikes are heavier, more powerful vehicles dominated by D2C brands like Rad Power, Lectric. and Super73. It’s somewhat of a foreign concept to incumbent ebike brands that have traditionally focused on light weight road bikes, but Trek is amongst the first to boldly venture into the form factor under its urban sub-brand Electra. The Ponto Go!’s powertrain features a 60Nm BEP rear hub motor that is controlled by a throttle or torque sensor and a 625Wh battery pack. This “E-system is certified by an accredited testing laboratory as compliant with UL 2849,” and is paired with an 8-speed transmission and hydraulic disc brakes to give riders confident and agile handling. The Ponto Go! is designed to be “great for two people” right out of the box. It has a 360lbs cargo capacity, and there is an elongated bench that can easily seat two adult riders. The vehicle’s front suspension fork and 20” by 4” urban fat-tires also help make it extremely comfortable to ride, even with multiple passengers. Given that Electra is a sub-brand of one of the bicycle industry’s big 3 manufacturers, the Ponto Go! has access to a massive servicing network that is orders of magnitude larger than that of most other utility or scrambler ebikes on the market. Specialized’s Globe Haul is a competing option with some of the same maintenance benefits, and it’s a bit more cargo-minded than the sportier Ponto Go!. This listing has been used 6 times and is in like-new condition. Listing can be found here.

4. Serial 1 MOSH/CTY | $2,150 | Boston

The Serial 1 MOSH/CTY is a sporty class-1 urban commuter. Serial 1 used to be the ebike sub-brand of motorcycle giant Harley Davidson, but was sold off to Florida-based LEV manufacturing last November in an attempt to bring more production and servicing infrastructure to the US. It’s unclear how exactly these efforts have progressed, but that doesn’t detract from the impressive quality, reliability, and performance of Serial 1 ebikes. The MOSH/CTY’s powertrain features a 90Nm Brose S MAG mid-drive motor and a 529Wh removable battery pack. Brose motors aren’t quite as well known as motors from the likes of Bosch or Bafang, but they’re frequently used on high-end sporty ebikes because of their low weight, quiet and vibration-free operation, and smooth torque curves. The MOSH/CTY’s powertrain is paired with a single-speed transmission and a Gates carbon belt drive, which makes the drive train extremely simple and easy to maintain. In fact, simplicity is a trend found throughout the vehicle. There’s no display or gears/shifters to worry about, cabling is internally routed, lighting (front, rear, and brake) is directly built into the frame, and there are very few buttons on the handlebar. The vehicle has 27.5” by 2.8” Super Moto-X wheels which give it a beefy look synonymous with the Harley Davidson aesthetic, but the vehicle actually still only weighs 48lbs. Lastly, there’s hydraulic disc brakes to give the ebike ample deceleration, as well as a competent app with connected features like GPS tracking and Google Maps navigation. This listing was bought 2 years ago but has only been ridden ~10 times and recharged ~4 times. Listing can be found here.

5. Pedego Boomerang Platinum | $2,000 | Atlanta

The Pedego Boomerang is a class-2/class-3 step-through cruiser built by renowned vintage beach cruiser brand Pedego. Designed specifically for maximum accessibility, the Boomerang has a standover height of just 9 inches— one of the the lowest available on the market. This feature makes it an ideal choice for older riders or those with mobility challenges who might find it difficult to mount and dismount a standard bicycle frame. Its powertrain features a 60Nm Dapu rear hub motor and a 546Wh battery pack made of UL2580 compliant Li-ion cells from top-tier manufacturers like LG, Panasonic, or Samsung. True to its cruiser design, the Boomerang offers a supremely comfortable ride. Its Thudbuster suspension seat post, suspension fork, and plush 26” self-sealing puncture-proof balloon tires help to smooth out the road, while its 10-speed Shimano transmission and hydraulic brakes give the Boomerang great handling. Although the Boomerang is a heavier bike (weighs ~60 lbs), its added heft contributes to its overall durability and makes it significantly more solid than most other step-through ebikes. This listing is the Platinum edition of the Boomerang and features a larger 910 Wh battery pack, an upgraded suspension, and a torque sensor in addition to the standard cadence sensor. It was bought in January 2023 and has a mileage of 140mi. Listing can be found here.

That’s it for this edition. Thanks again for joining, see you next week!

- Puneeth Meruva