Alta Motors, a US-based electric dirt bike producer backed by motorcycle manufacturer Harley-Davidson, is winding down its business, Asphalt & Rubber has reported, citing an unnamed source.
Founded in 2010 as BRD Motorcycles, Alta Motors has developed a range of electric dirt bikes dubbed Redshift, and has sold about 1,000 bikes so far this year through a network of about 70 dealerships according to Asphalt & Rubber.
Harley-Davidson and Alta had partnered to develop two Harley-Davidson branded bikes, but the corporate later cancelled the agreement in favour of internal research and development. The source said it plans to pursue external funding or an acquisition.
Alta had raised a total of $43.2m in funding before Harley-Davidson invested an undisclosed sum in March 2018. It received $27m in June 2017 through a combined series B and C round led by Grassy Creek Ventures that included Mountain Nazca and private investor Bob Fox, according to Bloomberg.
Image courtesy of Alta Motors.