Just to be extra clear, I’m not talking about no-name catalog frames or random bikes off AliExpress. I’m not even really talking about companies like Light Bicycle, though they make great stuff. What I’m talking about is the Amflow / X-Lab style model. That can work. But the key is that the bike cannot just be “good for the money.” It has to be genuinely good at any price point. You need real product management, strong engineering, credible distribution, at least some kind of dealer or service network, and a serious effort to show customers that you are going to...