Existing users will be able to get refund of their deposits as the company’s service also gets integrated into Meituan platform, Mobike said, after a $2.7 billion takeover of the bike company in April by Meituan, China’s largest provider of on-demand online services.
“The move is designed to establish a no-threshold, zero-burden and zero-condition deposit-free standard for the entire bikesharing industry,” Mobike said in a statement.
The company is also launching e-bikes that can run up to 70 kilometers per charge at a top speed of 20 km/hour.
Mobike collected a 299 yuan ($45) deposit from each user in China, which makes up a majority of its 200 million users globally. The company is competing with Alibaba-backed Ofo, which also counts ride-hailing firm Didi Chuxing as a major investor.
The two bike-sharing companies have raised hundreds of millions of dollars from investors but have waged a costly war of subsidies in a bid to win the Chinese and overseas markets.
Published in Daily Times, July 6th 2018.
In August 2023, Pakistan submitted its consolidated sixth and seventh periodic reports to the UNCRC…
United States presidential election was held on Tuesday, November 5, 2024, in which Donald Trump…
Since being entrusted to the Punjab Model Bazaar Management Company (PMBMC) in 2016, Model Bazaars…
Lahore's air quality has reached critical levels, with recent AQI (Air Quality Index) readings soaring…
Fog, smog or a clear sunny day, traffic accidents have sadly become a daily occurrence…
PM Shehbaz Sharif has stressed the urgent need for developed nations to take responsibility for…
Leave a Comment