7 Electric Vehicles Shop Success Stories [2024]

Pat Walls

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Updated: November 1st, 2023

Start An Electric Vehicles Shop

Electric car shops sell, lease, and can buy back used electric vehicles for re-sale. The increased demand for electric vehicles opens up the opportunity for car dealerships.

If you could start an electric car shop, it could be a promising business opportunity for you since more people are considering EVs as an alternative to gas-powered cars.

Here are some real life success stories of starting a electric vehicles shop:

1. Rydable ($1.14M/year)

Terry McGinnis and Kartik Gurmule, founders of Rydable, identified the growing market of electric vehicles and the environmental need for them. Combining their expertise in fashion, marketing, and e-commerce, they launched Rydable in January 2020, offering electric powered skateboards, scooters, and hoverboards with speeds up to 60 kmph and mileage up to 40km. Since launch, they have seen substantial growth, with an Instagram following of 150k in just 3 months and a thriving Rydable Community with 5,000 active members. The company has been profitable since day one and has plans for expansion in the USA and Europe, as well as expanding their collection to include cost-efficient bicycles and bikes.

How much they make: $1.14M/year
Current team size: 5

How We Started A $95K/Month eVehicles Online Retailer

Rydable, an online retailer of electric-powered skateboards, scooters, and hoverboards founded by Terry McGinnis and Kartik Gurmule, achieved break-even within one month of launch and grew their Instagram following from zero to 150k in three months through a smart Instagram strategy and focus on organic sales.

About

Kartik started Rydable over 5 years ago

Revenue

Kartik grew the business to $95K/month

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Learn more about starting an electric vehicles shop:

Where to start?

-> How much does it cost to start an electric vehicles shop?
-> Pros and cons of an electric vehicles shop

Need inspiration?

-> Examples of established electric vehicles shop

Other resources

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Starting An Electric Vehicles Shop: Everything You Need To Know

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2. GIN e-bikes ($360K/year)

Two founders, Marina and Rahul, met on the Y Combinator startup school platform. After recognizing each other's skills and passion for green energy, they decided to launch GIN e-bikes. With a lightweight design, hydraulic brakes, and a battery life of over 70 miles, GIN e-bikes quickly gained popularity, selling hundreds of units solely through positive word-of-mouth referrals.

How much they make: $360K/year
How much did it cost to start: $35K
Current team size: 2

We've Built A $30K/Month E-Bike Business Seeing A Rise In Sustainable Transportation

UK-based electric bike business GIN e-bikes co-founded by Marina and Rahul successfully sold a few hundred units of their flagship hybrid electric bike, the GIN X, within a few months of launch, through positive word-of-mouth referrals alone, without any paid marketing efforts.

About

Marina started GIN e-bikes almost 3 years ago

Revenue

Marina grew the business to $30K/month

Costs

It cost Marina $35000 to start the business

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