> so are less able to afford ebikes

Many countries with gig economies where the individual can't afford to own the actual method of transport, a rental market pops up to enable people to be able fulfill orders.

This usually does mean they're the first ones to get squeezed. But lesser known who gets squeezed is the rental operator/provider as well. Because many times they don't own their own fleet. They can't charge higher prices like normal car rentals and own the fleet because the individual gig driver is very price sensitive.

It doesn't take too many vehicle losses to really upset the delicate math.

It's just rentals all the way down.