Other bike-rental companies are considering raising prices, as warmer weather brings a likely rebound in trip numbers.
The law comes as concern mounts about the financial stability of a number of mobility firms in the rental economy sector.
Discarded bikes are languishing after the rental-bike boom went bust due to high retrieval costs.
Bike companies have a longer time for implementation than previously announced.
China’s bike rental industry has experienced a roller coaster over the past 3 years. At its height, there were nearly 80 bike rental startups in the market, brightening the streets with a rainbow of bikes. But in the fast-paced tech world, trends come and go quickly. Within a year, over 20 bike startups failed, including […]
Chinese bike rental giant ofo has started selling advertisements on its bikes and apps (in Chinese) in an attempt to boost revenues amid increasing cash strain. The company will launch custom-designed bikes and the bike-body ads will appear in bike wheels, saddle and baskets for clients to reach the public with their messages. Rumors of ofo’s failure […]
While Ofo’s legal troubles pile up, millions of users are reportedly still waiting for their deposits.
Ofo’s headquarters have shifted as it faces a reported cash crunch.
The Chinese bike rental firm is reportedly preparing for its bankruptcy reorganization plans.
More signs show that ofo’s cash crunch not only affect its domestic business but also its global expansion plans. The troubled bike hire giant has launched a warehouse sale of its bikes to downsize its operation in Singapore, a source with knowledge of the matter told TechNode. The ofo bikes on sale are sold brand […]