Uber Technologies Inc. (NYSE: UBER) Turns Attention to Growing E-Bike Popularity Amid Pandemic Response
May 13, 2020
- Uber Technologies is a decade into upending transportation models with its ride-sharing solutions operating in 67 countries, but has suffered the common difficulties stemming from this year’s global spread of the COVID-19 pandemic
- The company announced recently that it will transfer its electric bike and scooter division to Lime, a similar e-bike company in which Uber has held a minority interest
- The Lime transfer arrangement makes Uber the leading partner in a new $170 million financing drive by Lime, and opens the door to the possibility of Uber buying Lime in the near future at a specified price
- The agreement recognizes the growing importance of e-bikes to people affected by the pandemic and the resultant quarantine-like efforts to stop the virus’ spread through social distancing measures
Ride share pioneer Uber Technologies Inc. (NYSE: UBER) is among the multitude of transportation industry corporations battered by distancing protocols designed to arrest the spread of the highly infectious virus at the root of the current global pandemic. A recent financing announcement by the company shows Uber remains optimistic about the coming years, however, as it turns its attention to the rising popularity of electric bikes.
Uber is playing a leading role in an investment round for electric scooter and bike rental company Lime, merging the Uber electric bike and scooter division branded as Jump with Lime. Bain Capital Ventures, Alphabet and Alphabet’s venture capital arm GV are also involved in the financing round valued at $170 million, according to…
For more information, visit the company’s website at www.Uber.com
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