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.

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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.