Business
EZGO's Affiliate Company Obtains Exclusive Rights to Operate E-Bicycle Sharing Services in Tancheng, Shandong
CHANGZHOU, China, Dec. 3, 2021 /PRNewswire/ -- EZGO Technologies Ltd. (Nasdaq: EZGO) ("EZGO" or "we", "our", or "the Company"), a manufacturer of two- and
About this update from Ezgo Technologies Ltd.
[{"type":"text","content":"CHANGZHOU, China, Dec. 3, 2021 /PRNewswire/ -- EZGO Technologies Ltd. (Nasdaq: EZGO) (\"EZGO\" or \"we\", \"our\", or \"the Company\"), a manufacturer of two- and three-wheeled electric vehicles in China, today announced that an affiliate company of the Company's PRC subsidiary has entered into an operation agreement with the Tancheng local administration in Linyi City, Shandong Province, whereby EZGO has exclusive rights to operate e-bicycle sharing services, providing up to 3,000 e-bicycles for bike-sharing purposes in the Tancheng local area. The term of this agreement is three years commencing from November 9, 2021 to November 8, 2024.\nFollowing the launch of its e-bicycle sharing services in Tancheng, EZGO anticipates expanding its bike-sharing business into cities in southern Shandong (Linyi City), planning to serve a population of more than 800 thousand.\nEZGO's integrated management platform of \"bicycles + batteries + Internet\" supports real-time control functions of electric bicycles, lithium batteries, on-board instruments and central controllers, improving the overall user experience and safety of e-bicycle sharing customers.\nManagement Commentary\nMr. Jianhui Ye, Chief Executive Officer of EZGO, stated, \"We are very excited to announce the signing of the operation agreement with Tancheng, which enables EZGO to begin operating e-bicycle sharing services in the local area. We believe our foray into the e-bicycle sharing business will help accelerate the growth of our market share in short-distance transportation offerings given our differentiated portfolio of quality products and cutting-edge applied technologies. The Company will continue to explore new business opportunities in bike-sharing.\"\nMr. Ye added, \"Over the next five years, major platforms such as Meituan, Haluo are expected to continue promoting the deployment of e-bicycle sharing services, which presents a significant opportunity for the Company who has been a provider of premium-quality electric vehicles with an established foothold in the industry since its incorporation. In third- and fourth-tier cities, the penetration rate of e-bicycle sharing is anticipated to maintain a trend of rapid growth. According to Forward Research Department, the total number of shared e-bicycles deployed in 2025 is estimated to exceed 8 million, with a compound annu...