👉 The next big unlock will come from software, autonomy and faster iteration cycles unique to small vehicles.

👉 Founders should prioritize sustainability, real customer outcomes and disciplined profitability as the industry stabilizes after years of volatility.

👉 Mar­chetti’s Constant still holds: people travel about one hour per day, but micro increases the number and type of trips possible within that hour.

👉 Microcars are becoming an essential part of the category, offering car like utility in a small footprint.

Key takeaways from the conversation:

👉 The original vision for micromobility has largely come true, and adoption continues to accelerate globally.

👉 Cities are transitioning quietly but decisively toward micro first mobility, driven by parking policy, speed limits and quality of life.

H1 2025 revenue softened slightly (€398m vs €419m), though road and gravel remain stable. Europe steady; US & Asia softer amid tariff uncertainty.

GBL's fair value of the investment was ~€460m at the end of 2023, and this was marked down to ~€267m as of Sept. 2025

Post-2022, the broader cycling sector shifted: oversupply and heavy discounting, particularly in mountain and urban bikes

A temporary suspension of select e-MTB models (late 2024) added one-off impact, with resolution initiated in Q2 2025

Late 2020, GBL acquired ~50% of the company (~€400m), with founder Roman Arnold transitioning to advisory role

Pandemic demand drove a revenue jump from €416m in 2020 to €486m in 2021, with profits more than doubling

But this also required building inventory fast, drying up liquidity

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👉Swiss cycling brand Scott has introduced the Fastlane, a new range of subtle e-road bikes designed to look and feel like a traditional road bike.

👉City of Rochester and Veo recorded over 567k shared scooter and bike trips in the 2025 season.

👉Urwahn Bikes is expanding its premium retail footprint through an exclusive partnership with Breuninger.

👉Berlin is expanding its VeloFlow pilot project, installing new traffic light assistants for cyclists on Invalidenstraße

👉 Marin Bikes has introduced its first electric drop bar model, the Lombard E.

👉NIU Technologies is moving its NIUMM electric microcar into production after finishing certification.

👉 Forest Bike has launched a new tiered pricing scheme to address the issue of dockless e-bikes cluttering London’s pavements.

👉Neuron concluded a record e-scooter season in four Canadian communities: Lacombe, Blackfalds, Sylvan Lake, and Red Deer.