Looks great!
If it were me, I’d probably replace the dash with a “but” – something like “…Bike will continue to work, but you will need to renew your license to receive future updates.” Not a huge difference – go with what you prefer.
Also, if indeed the update price will be reduced compared with the initial purchase price, then I would mention that here, as it may make users more willing to jump on board.
I like this pricing model. It avoids the feeling for users of being locked-in to a subscription (and locked-out of the app once your subscription expires). Hopefully it also gives you the funds you need for long-term sustainability.