Will lime invest $55 million in a shared electric bike network?

(Bloomberg) -- Lime, the operator of a shared electric bike and scooter network backed by Uber Technologies Inc., is planning to invest more than $55 million this year to expand its global fleet. Most Read from Bloomberg

What happened to lime & the scooter industry?

The past two years have been a rollercoaster for Lime and the shared scooter industry as a whole. The company’s ridership dropped 95 percent as a result of the pandemic. While the world was locked down, Lime made a crucial investment deal with Uber and others for $170 million to take over the ride-hailing company’s bike and scooter business Jump.

Is lime the first micromobility company to post a profitable year?

Lime is first micromobility company to post a full profitable year. CEO Wayne Ting credits the scooter company's willingness to design their products in-house.