Business
Fly-E Group, Inc. Launches E-Bike Rental Service to Address Growing Market Demand and Participates in NYC’s Trade-In Program
NEW YORK, Aug. 09, 2024 (GLOBE NEWSWIRE) -- Fly-E Group, Inc. (Nasdaq: FLYE) ("Fly-E" or the "Company"), an electric vehicle company engaged in designing,
About this update from Fly-e Group, Inc.
[{"type":"text","content":"NEW YORK, Aug. 09, 2024 (GLOBE NEWSWIRE) -- Fly-E Group, Inc. (Nasdaq: FLYE) (\"Fly-E\" or the \"Company\"), an electric vehicle company engaged in designing, installing and selling smart electric motorcycles, electric bikes, electric scooters, and related accessories, today announced the launch of its new e-bike rental service (the “Rental Service”) to address growing market demand and its participation in the city’s trade-in program (the “Trade-in Program”), introduced by New York city officials aimed at enhancing e-bike and battery safety. The Rental Service, which soon will be available through a Fly-E rental service mobile app and selected company stores, offers users a flexible and affordable rental option. With a monthly fee of $199, subject to the terms and conditions of the rental contract, users who rent for ten months will acquire ownership of their e-bikes at the end of the rental term at no additional cost, making it an attractive proposition for consumers. Fly-E plans to expand the Rental Service to Miami, Toronto, and Los Angeles as part of its growth strategy. In parallel, Fly-E is developing state-of-the-art charging cabinets in line with government policies on safe charging at designated charging stations. These cabinets are designed to meet the safety standards set by law, providing users with secure and efficient charging solutions. As one of New York’s largest e-bike retailers, Fly-E’s Fly-11 Pro model has been selected to participate in the Trade-in Program (https://www.equitablecommute.org/tradein) as one of the trade-in options. The Trade-in Program enables over 60,000 existing New York City delivery workers to exchange their uncertified e-bikes and batteries for UL-certified alternatives, granting delivery professionals access to affordable, UL-certified e-bikes. Mr. Zhou (Andy) Ou, Chairman and Chief Executive Officer of Fly-E, commented, “Safety is our top priority, and we believe stringent measures are essential for building trust and fostering adoption. All of our lineup of e-bikes feature UL-certified lithium batteries for safety. We are now thrilled to introduce our new e-bike rental service. Our commitment is to provide a secure and enjoyable electric riding experience. We fully support NYC's safety initiatives and are dedicated to advancing electric vehicle safety standards. We are committed to o...