With rising costs of living and rising energy costs present on a global scale, a single EV company – the fastest growing e-bike brand in the U.S. – defies the odds of imminent recession by presenting a viable urban transportation solution that addresses both crises. Lectric eBikes, founded in 2019 by Levi Conlow and his business partner Robby Deziel, has grown from a small Phoenix-based startup to a brand behind the country’s best-selling e-bike model and third best-selling electric vehicle with more than 250,000 models on the road.
Rising costs of living are largely attributed to the pandemic, its impact on the supply chain and governmental policy response with the goal of economic preservation, as reported by German Lopez for The New York Times. At a time when the Consumer Price Index has increased to just over 8% and the average e-bike retails anywhere between $1,500 and $4,000, Lectric eBikes continues to slash prices on all its models. Lectric’s pricing, by comparison, ranges from $799 for its XP™ Lite model to $1,599 for the XPremium (a permanent price decrease from its original market entrance at $1,899).
“In a crazy world with inflation and supply chain issues, there are only two things in this world that have been unaffected by those price increases: Lectric bikes and the Costco hot dog-soda deal,” says Content Creator Jimmy Chang in a recent episode on his YouTube channel, Freshly Charged.
Now through the end of the year, Lectric eBikes is offering its customers 0% APR for six months, on top of discounted models and several accessory bundles. With this interest relief, customers could purchase the latest iteration of Lectric’s flagship XP™ model, the 3.0, and pay $166.50 per month over the next six months with zero interest. The company’s most affordable model, the XP™ Lite, would cost just $133 per month for the first six months without interest.
“It’s taken a very concerted effort to make the supply chain relationships necessary to deliver a high-quality and reliable product for consumers at a price point that reflects our effort to become the Greatest Urban Transportation Ever,” says Conlow, CEO and co-founder of Lectric eBikes. “It’s important to us to reach communities that are systemically unsupported and provide access to safe, autonomous mobility that’s not public transportation. To create those opportunities, we are dedicated to offering e-bike models that arrive fully assembled and foldable for small spaces at an affordable price point.”
Global conflicts have impacted food, oil and gas prices on a far-reaching scale, most devastatingly for Europe but certainly with impacts on U.S. markets. Even with the Department of Energy’s planned release of 15 million barrels of oil reserves, consumers globally are searching for relief via non-traditional forms of transportation. According to the International Energy Agency, as reported by CNBC, worldwide EV sales doubled in 2021 to represent nearly 9% of the car market.
The EV industry is poised to deliver energy hike relief for consumers. In Q2 of 2022, the average retail price for a gallon of regular gasoline stood at $4.49. Depending on the vehicle, that $4.49 – or, one gallon of gasoline – would take a car commuter anywhere from 20 to 25 miles. The XPremium’s dual battery system provides a combined 1,000Wh of capacity, allowing riders to reach up to 100 miles on a single charge that, on average, costs about $0.167 to charge, according to the U.S. Bureau of Labor Statistics.