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Lime to spend $50 million to expand e-bikes into 25 more cities

The company plans to roll out new and improved hardware, with its latest e-bike set to come out this summer.

Lime's new e-bike includes features like increased motor power and a phone holder.
Matthew Reamer/Lime

Lime is investing $50 million in its e-bike business, which includes rolling out new and improved hardware and making the service available in 25 more cities this year, the company said in a blog post Monday. Its newest e-bike model, which "provides an extra boost for tough hills, a phone holder for navigation and swappable batteries compatible with our Gen4 e-scooter," is slated to come out in the summer.

The electric scooter and e-bike company says it's focused on expanding primarily to cities in Europe and North America, as well as a few in Australia and New Zealand.

"Shared micromobility is playing an essential role in getting cities moving again safely," Lime CEO Wayne Ting said in a statement, "so we see this as a critical moment to double down on e-bikes as an open-air, socially-distanced transportation option."

The newest e-bike includes increased motor power and an automatic two-speed transmission to replace older bikes' gears for a smoother ride. 

Lime says people took more than 3 million rides on its e-bikes last year amid the coronavirus pandemic, and it expects that number will rise significantly this year as people get vaccinated and go back to work, school and social activities. 

See also: Best electric scooters and skateboards for 2021