LIME Invests $50 M in E-bikes to Further its Business

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Lime, the mopeds company, officially recognized as Neutron Holdings Inc, started its journey by providing the scooter and bike-sharing platform. It continues to encourage people to change their lifestyle, give up cars, and switch to e-bikes.

Undoubtedly, Lime has launched the e-bikes by investing 50 million dollars and has given massive competition to Revel Transit Inc., the Brooklyn, New York-based (popular moped sharing companies). One of the employees, Ting, chief executive officer, said “They’re committed to showing there’s something better than the car.”

The magnificent innovation of e-bikes is planning to become operational in 50 new cities between 2021 and 2022. The most interesting part of the latest generation e-bikes is the swappable battery, which is interchangeable with Lime’s new mopeds. Additional changes are motor power up-gradation, basket, phone holder, electric lock (in place of cable locks of previous generation e-bikes), and an automatic two-speed transmission. Along with it, the hardware upgraded to 5.8, the biggest jump for the moped’s platform.

Kraus quoted that, “the hardware upgrades and expansion were funded from its operational funds, not new financing from outside investors.” This was possible by accomplishing the target of the first full quarter of profitability in 2020.

Joe Kraus, President, Lime, said in a recent interview “Jump made great hardware,” and they strive hard to become a top company in the bike-manufacturing sector.

Image Source: Google

In this pandemic situation, people feel more inclined to use e-bikes for exercise, inhaling fresh air, and reduce carbon emissions. No wonder, due to being environmentally friendly, Lime has managed to gain an edge.

Lime also intends to keep its cherry-red-colored bikes while they introduce the novel ebikes. Moreover, the company aims at becoming a multimodal provider of a range of electronic vehicles. Earlier, pedal-less e-bikes were also an upgrade introduced by Lime so that third-party mobility providers could be integrated into its operations. Fortunately, Lime also has plans to introduce electric mopeds in Washington, DC, and Paris.

The latest investment in e-bikes takes place as more people turn to cycling around the globe. This is evident as bike sales including the e-bike sales hit record high. The United States has gone one step further and introduced a legal framework for making e-bikes affordable. According to Lime, more than 2.5 million rides have been taken on the company’s e-bikes as of 2020. The company believes that this number will grow substantially in 2021.

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