Win with China: Homegrown bike-sharing company aims for long-term growth

World
Europe

A total of 200 million users in 200 cities worldwide, 18.2 billion kilometers of trips, roughly 4.4 tons of carbon emissions reduced – that’s what China’s leading bike sharing company Mobike has achieved in less than two years.

The success didn’t happen overnight. Mobike officially launched its service to the public on April 22 last year, but before that there had been a year of research and development of its business model.

CGTN reporter interviews Mobike’s co-founder and CEO Davis Wang (R) on the sidelines of the 2017 Fortune Global Forum in Guangzhou, December 7, 2017. /CGTN Photo

The whole bike-sharing business is still in its emerging phase, with many new players joining in and maybe as many being knocked out all the time. Bluegogo, once assumed the number 3 most competitive after yellow bike ofo and Mobike, was reportedly in serious debt crisis days ago, and its users have had problems getting refund of their deposits.

However, Mobike is still proceeding with its global expansion plan, which in near term is to get 400 million users in six to seven months.

The company’s co-founder and CEO Davis Wang said its long-term vision is what ensures Mobike to stay in the business.

“We do have patience, and when starting out, we wanted to make contributions in reducing pollution and traffic congestion, we are looking for sustainable growth,” said Wang.

1891km