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.
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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.
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