For companies relying on investor money to stay afloat, yes. And not just in Europe, that goes for everyone everywhere.

If demand exceeds capacity, as was the case with VanMoof apparently, cash flow should be positive so. Any capacity incrwases, assuming there is real demand, are also finacable through traditional means.

Unless of course, you screw up your supply chain, as a manufavturing / hardware company cash flow is to a huge extent driven by that. And yes, at 4k a bike, a company has an easier time staying cash positive that at, say, 200.