Lime to Spend $50 Million on e-bike Expansion

Lime has announced its plans to invest $50 million in e-bike expansion. The scooter company revealed that it…
Lime

Lime has announced its plans to invest $50 million in e-bike expansion. The scooter company revealed that it will be spending this money to help expand its electric bicycle network. It will also increase the number of cities it carries out its operations.

Lime which was once named LimeBike began its business with shared bikes. However, the company pivot soon after another company introduced dockless electric scooters. Lime removed “Bike” from its name and closed down its bike.

In 2020, Uber sold Jump, a bike-share company, to Lime and before we knew what was happening, bikes came back. The company now intends to increase shared electric bikes. It also plans to introduce these bikes in new cities in North America and Europe.

By the beginning of 2022, the company intends to introduce its bikes in 50 different cities. The most recent e-bike designed by Lime offers several features like an integrated lock, intuitive controls, swappable battery, and more.

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The $50 million Lime intends to invest will be used for manufacturing and designing its new generation bikes which will be rolled out by summer.  These new generation bikes will feature a battery charging operation of high-quality. There is also a gear shifter that helps users climb hills.

The hub lock is electronically controlled and this will prevent your bike from being stolen or vandalized. This bike also comes with additional features like a phone holder and enhanced speed.

The investment in an e-bike is coming at the right time as cycling has increased across the world. The United States has introduced legislation on the affordability of these bikes, making them more affordable.  Lime reveals that in 2020, its customers had over 2.5 million rides with its e-bikes.

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