08 April 2024 – Uber Technologies Inc.-backed Lime, a network operator for shared electric bikes and scooters, plans to spend over $55 million this year to grow its worldwide fleet. According to CEO Wayne Ting, in an interview, the San Francisco-based firm will replace ageing bikes throughout North America, Europe, and Australia, in addition to adding over 30,000 new bikes.
Additionally, he added that it is planning to reenter Greece and Mexico, two places it left behind during the epidemic, and is investigating new commercial ventures, including advertising contracts and different kinds of vehicles for its shared fleet.
Separately, the business announced record-breaking revenue bookings of $616 million in 2023, a 32% rise from the previous year. Its adjusted profits before taxes, depreciation, and amortisation increased by almost 500% to over ninety million dollars.
Conclusion
Lime is growing while its US competitors are having difficulty surviving. Now that the days of cheap loan rates and readily available venture capital investment are past, many are trying to offload operations. Increased laws governing two-wheelers and changing patterns of transportation have also caused challenges for the sector. The scooter manufacturer Bird Global Inc. filed for bankruptcy late last year.