Lime's bike and scooter revenues plunged 95% when the pandemic hit in the spring, CEO Wayne Ting told Business Insider..
He doesn't care if that's on a Lime scooter, a Jump bike, or the app's newest offering: a Wheels-branded sit-down scooter, available in four US cities this winter with more to follow. Every new vehicle, Ting says, helps Lime find new riders that might be averse to their original stand-up scooter for one reason or another.
That should take some of the frustration out of arriving in a city, seeing a handful of differently branded vehicles, and having to choose which new app to download and use to move around. After an explosion of new micro-mobility companies, flush with venture capital cash, launched in recent years, Lime expects to see further consolidation similar to Uber's exit earlier this year.
I’d say that 50% of Lime scooters in my area don’t work. While Lime projects a profit next year, I hope they properly-calculated the costs of rapid equipment depreciation and the associated replacement costs. Not to mention poor user experiences eventually affecting revenue.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Business Business Latest News, Business Business Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
An inside look at the app that's like Duolingo for disaster prep - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web.
Source: BusinessInsider - 🏆 729. / 51 Read more »
Inside the heated debate over TikTok rival Triller's user count - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web.
Source: BusinessInsider - 🏆 729. / 51 Read more »
Instagram star @MrsDowJones shares an inside look at a day in her life - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web.
Source: BusinessInsider - 🏆 729. / 51 Read more »
Buffet Bonanza: The Booming Baltimore Business That’s Helping Reinvent Indoor DiningHow a Baltimore company quickly pivoted to manufacturing indoor dining-room and bar furniture that's reimagined for a post-pandemic world. chloesorvino Governments and corporations are redesigning the human experience to fit their agenda.
Source: Forbes - 🏆 394. / 53 Read more »
How businesses can adapt to a hybrid work model after the pandemic - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web. $UPWK
Source: BusinessInsider - 🏆 729. / 51 Read more »
Ocean Spray CEO recreates viral TikTok, company gifts truck to star of meme - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web. sunshinelaughin Will the image of skateboards and cranberry juice be forever burned in my mind when Dreams plays on my ear buds?
Source: BusinessInsider - 🏆 729. / 51 Read more »