BUSINESS Mobike launches e-bike after Meituan acquisition

BUSINESS

Mobike launches e-bike after Meituan acquisition

shine.cn

21:59, July 05, 2018

Public bike rental company Mobike launched a new e-bike today to complement its existing fleet after the company was acquired by Meituan Dianping in a US$2.7 billion deal in April this year.

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Photo: VCG

Mobike cited the efficiency and environmental benefits of its e-bikes, which would complement its existing fleet. 

The electric bike has a designed top speed of 20 kilometers per hour, and weighs in at 25.5 kilos.

Mobike’s service will also be fully integrated into the Meituan platform, and users will be able to directly hire a Mobike using the Meituan app. 

It also started to remove deposits for all new users in China and has enabled deposit refunds for existing riders. 

"By integrating bikesharing with the Meituan platform we immediately open Mobike up to new users, and by refunding deposits and going deposit-free we are making it easier to Mobike than ever before," Mobike Founder and CEO Hu Weiwei said. 

Mobike's rival, ofo, started to charge a 199 yuan ($30) deposit for all existing riders last month after it hit cash flow issues. 

Mobike said its e-bikes can operate up to 70 kilometers after each charging and will be introduced both in China and international markets, adding that its research shows that most riders use Mobike for trips up to 3 kilometers. E-bikes would be quicker and more sustainable than car trips up to 5kms.

It also unveiled a new partnership to reduce, reuse and recycle bike components as part of its sustainability efforts.

Collaborators include Dow, China Recycling Resources Co Ltd and Tianjin Xinneng Recycling Resources Co Ltd, who will ensure that all parts of its bikes are recycled, either as components for new bikes or as raw materials.

The three-year old Mobike raised US$600 million last June in a financing round led by Tencent, while rival ofo is backed by e-commerce giant Alibaba Group Holding. 

It currently handles about 30 million rides with 200 million users in domestic and overseas markets. 

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