Business

Lime investing $50 million to bring e-bike service to 25 new cities in 2021

Lime has announced a $50 million investment in e-bikes, including new and improved hardware and plans to expand its service to an additional 25 cities this year.

The company’s newest e-bike model will hit city streets this summer as it aims to expand its fleet globally.

“As we build out the Lime platform to serve any trip under five miles, e-bikes are a key piece of the puzzle, providing a perfect option for medium-length trips,” said Wayne Ting, CEO of Lime. “That’s why we’re making substantial investments to upgrade our world-class e-bike and bring it to more cities across the globe, giving riders a new and exciting way to leave the car behind.

“Shared micromobility is playing an essential role in getting cities moving again safely so we see this as a critical moment to double down on e-bikes as an open-air, socially-distanced transportation option.”

The $50 million investment in hardware upgrades and expansion is a result of achieving its first full quarter of profitability in 2020. The new e-bike features a swappable battery which is interchangeable with Lime’s Gen4 scooter. Additional upgrades to the e-bike include:

– Increased motor power
– A phone holder allowing riders to easily navigate and follow directions
– A new handlebar display that aligns with Lime’s scooters for a standardised display across vehicle types
– An automatic two-speed transmission that eliminates the prior generation’s gears

“We’re excited about bringing e-bikes to more cities as we aim to offer multiple electric vehicle options to help riders make any urban trip under five miles,” said a Lime statement.” Since launching a new generation of e-bikes we acquired from JUMP in May of 2020, we’ve seen the addition of the e-bikes boost rides on our scooters in cities where both are available.

“In cities like Seattle, where e-scooters were added to an existing e-bike service, rides on both modes increased. This multi-modal approach helps attract new users to micromobility and improves convenience and reliability for our riders, who can count on more options being available and able to serve multiple trip types.”

Rebecca Morley

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