130,000 CAKE bikes for China, now contractually signed!

The partnership between CAKE and Shanghai Forever enters the next phase with a binding contract for the Chinese market.

Aside from Forever distributing CAKEs standard range of products, a country specific model is being designed and developed at the CAKE Stockholm HQs, hitting the Chinese market by H2 2024.

CAKE, the Swedish manufacturer of premium lightweight electric motorcycles, announces a momentous progression in its partnership with Shanghai Forever. Following the mutual agreement signed earlier this spring, the partnership now evolves into a firm contract. CAKE and Forever have initiated the development towards manufacturing and distributing the 130,000 bikes, in accumulated sales by 2027.

This significantly important advancement serves as a milestone in CAKE's ongoing strategic partnership strategy. This is particularly impactful within China—one of the most expansive and rapidly growing markets in the world.

"The transformation from a firm term sheet to a final contract signed in ink is an important milestone. It amplifies our capability to roll out high-quality, long-lasting vehicles, and to further influence the electric wave in China. With Forever, we have the capacity to inspire millions through the CAKE spectrum of purpose, innovation, performance and high quality, catering for product longevity and a greener environment". States Stefan Ytterborn, Founder and CEO of CAKE.

The China specific contract is signed between CAKE and the Shanghai listed bike company Shanghai Forever, producing between 6-7 million motorized and non motorized units yearly. Aside from their commitment to the CAKE product line, a China specific model is being developed, to be launched during H2 2024, reaching 130K units in 3 years from launch date.

“Going from a letter of intent to an actual deal is just amazing. The Chinese market is extremely large and filled with opportunities, especially in the development of green energy transportation solutions. We believe that the technology and user/environment focused design language of CAKE bikes, we are able to truly tap into this new frontier for growth. We're ready and we can't wait to show everyone what we've got planned," says Chen Shan, CEO of Shanghai Forever

As part of this next phase, CAKE's current product line will be unveiled in Shanghai and across China, commencing in November 2023. Operations and logistics are already underway, with product shipments and the establishment of a CAKE marketing and product office at Forever’s headquarters in Shanghai.

CAKE continues to widen its distribution network globally, cementing partnerships in several key regions including Europe, Asia, the Middle East, Australia, South America, and Africa.

130,000 CAKE bikes can reduce an estimated 90.000 tons of CO₂e per year in China, during the use phase charged with the Chinese average grid—representing a zero emission reduction of 79% compared to today's gasoline mopeds. The emission reduction potential hinges on the electricity source used for charging; shifting toward renewable energy will amplify the savings substantially. Although China's electricity grid leans heavily on coal, the efficiency of electric motors notably outperforms conventional internal combustion engines, reducing emissions compared to traditional gasoline mopeds. As nations globally take actions to bolster the share of renewable energy, the emission reduction potential from electric vehicles will significantly escalate over time.

About Shanghai Forever

With a history of more than 80 years, Shanghai Forever Bicycles is the largest Mono-brand bicycle retailer in China with its manufacturing excellence, exquisite craftsmanship and durability. In its 80 years of development, Forever Bicycles has made indelible contributions to the development of China's industrial manufacturing industry and bicycle industry. In recent years, Shanghai Forever Bicycles actively participates in the digital transformation and e-commerce reform, pioneering and innovating in sales channels and product types, helping time-honored brands to rejuvenate, and has invested in public bicycle, bike sharing, health and fitness industry, intelligent E-Scooter etc.

About CAKE

CAKE is a Swedish maker of premium lightweight, electric motorcycles, and mopeds, with a clear mission to inspire towards a zero-emission society, by combining excitement and responsibility. The model range currently consists of five different platforms – the off-road beast Bukk, our versatile off-roader Kalk, the modular utility bike Ösa, the urban commuter Makka, and the strong and practical e-bike Åik. Thanks to an extensive range of accessories and configurations, CAKE is addressing a wide matrix of users and applications, including commercial use for last-mile delivery and other short-haul urban transportation. Along with numerous awards and recognitions for its design and innovative approach to mobility and other societal challenges, CAKE was identified as one of the world’s most innovative companies by Fast Company in both 2020 and 2021 and received the Time Magazine 100 most important inventions award in 2021.
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