- Life EV Group in December 2023 announced its acquisition of a 40% interest in LEV Manufacturing through a share exchange
- LEV Manufacturing Inc. in July 2023 acquired Serial 1 Cycle Company, an e-bike maker founded by Harley-Davidson
- In February 2022, the company announced a name change to Life Electric Vehicles Holdings Inc.
- In November 2021, Second Street Capital Inc. merged with Life Electric Vehicles Holdings Inc.
Life Electric Vehicles Holdings (OTC: LFEV) (d/b/a Life EV Group), along with its subsidiaries, is a developer, manufacturer and distributor in the light electric vehicle industry. The company’s business model focuses on the launch, acquisition and consolidation of multiple brands of e-bikes, e-trikes, e-scooters and light EVs with the aim of positioning itself as an industry leader for the American micro-mobility market.
The light electric vehicle industry, mainly e-bikes, is fast becoming a leading form of EV sales in the U.S. and Europe. In addition to offering ready-to-ride electric vehicles, Life EV Group intends to distribute individual components, including motors, batteries, chargers, controllers and EV parts, to third party manufacturers in both the U.S. and worldwide.
The company’s first acquisition was completed in 2023 with a 40% equity stake in LEV Manufacturing Inc., a related company and American manufacturer of e-bikes. LEV Manufacturing’s assembly utilizes free-trade zone processes with a U.S. Certificate of Origin, eliminating middle layer costs and resulting in cost-effective production and lower MSRPs.
LEV Manufacturing recently completed the acquisition of Serial 1 Cycle Company LLC. Serial 1 is an e-bike maker founded by U.S. motorcycle manufacturer Harley-Davidson in 2018 and spun off as an independent brand in 2020. The acquisition positions Serial 1 for even greater success and long-term growth.
Life EV Group is headquartered in Deerfield Beach, Florida.
Market Opportunity
An analysis from Mordor Intelligence, a market research and advisory firm, estimates the e-bike market to be worth $34.98 billion in 2024 and projects it will expand to reach a value of $51.78 billion by 2029, representing a CAGR of 8.16% during the forecast period.
Mordor attributes forecast market growth primarily to the increasing adoption of electric bikes as a mode of daily transportation around the world. The market is seeing an upsurge in unit sales based on their attractive consumer characteristics, including health benefits, affordability and convenience.
The North American electric bike market is growing as the preference for low-speed two- and three-wheelers has increased in recent years. Various bike-sharing operators are including electric bikes in their fleets, which is expected to support the sales growth of these bikes in the near future.
Management Team
Robert Provost is the CEO of Life EV Group. He was Founder and CEO of Prodeco Technologies, a maker of e-bikes and e-bike parts and accessories. He also serves as President and CEO of LEV Manufacturing Inc. He is Chairman of the board for Serial 1 Cycle Company.
Daniel Del Aguila is COO at Life EV Group. He co-founded Prodeco Technologies and serves as COO of LEV Manufacturing Inc.
Ivan Drusc is CFO at Life EV Group. He is a seasoned accounting and finance professional with a proven track record in industries from insurance to IT and property management. He has served as a key player in businesses ranging in size from startups to publicly traded global companies. He has experience in cost reduction, risk mitigation, IT and ERP systems, outsourcing and restructuring. He is a graduate of the University of Akron with a bachelor’s degree in accounting.
For more information, visit the company’s website at www.LifeElectricVehicles.com.
NOTE TO INVESTORS: The latest news and updates relating to LFEV are available in the company’s newsroom at https://ibn.fm/LFEV
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