Bike share becomes bike wars
Strolling through Beijing these days means seeing piles of bikes from Chinese start-ups. They are aiming to improve urban mobility and promote greener transport. Each company has it’s own distinct color setting up the colorful bike wars.
The top two firms, Mobike and Ofo, have picked orange and yellow for their respective wheels, making the China bike wars an exceptionally colorful one. Money from big investors have pushed company valuations to $1 billion each. But it remains unclear how either expects to make money off cheap bike rides costing a couple of cents.
“Our financial situation is in a very strong position, and we are not in a rush to think about turning a profit,” Mobike CEO Davis Wang told CNBC.