The founder and CEO of the Ofo Dai Wei said that the main source of revenue for Ofo will be the user’s riding costs at the 2017 summer Davos Forum site held on June 28th. (Chinese source)

“We now see many people in the street using Ofo, and we are confident that we can make money,” Dai Wei says. The main source of revenue is the user’s riding costs and other profit models are icing on the cake. He predicts that Ofo will reach breakeven this year and will be profitable in 2018.

Just the day before the summer Davos Forum, photo of  Dai Wei and Mobike’s co-founder and president Hu Weiwei spread out in the social platforms quickly, causing rumors that “the two sides are about to merge.”

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Eva Yoo

Eva Yoo is Shanghai-based tech writer. Reach her at evayoo@technode.com