Back in 2012, Boosted floated its crowdfunded Loaded Vanguard light electric skateboard and has since then produced a lot of personal vehicles including its Rev scooter, which was produced last year.
MORE FROM RAVZGADGET: Geneva International Motor Show 2020 Cancelled Over Coronavirus Fears
Too bad, things may be turning out badly right now as the company announced “the incredibly difficult decision to let a significant portion of the Boosted team go.”
It refers to the “unexpected challenge” of the US and China tariff war as a factor in its current battle to remain in business, despite the many riders putting in millions of miles of riding on its products.
Following the company’s launch, its field has become increasingly crowded, but its not clear who is winning as yet, but as its CTO and CEO noted, there is need to keep capital flowing so as to maintain production and maintenance of vehicles.
MORE FROM RAVZGADGET: Tesla And Panasonic Have Cancelled Partnership Deal On Solar Cells
Now the plan is to “pursue strategic options under new ownership,” so we’ll have to wait and see what that looks like in the future.
