Fly-E Group, Inc. Enters the South American Market with First Store Grand Opening in Mexico and Strategic Partnership with TECHNOLOGIES E-SOLOMO
Rhea-AI Summary
Fly-E Group (Nasdaq: FLYE), an electric vehicle company specializing in smart electric motorcycles, bikes, and scooters, has announced its entry into the South American market through two major initiatives in Mexico: the grand opening of its first retail store in Mexico City and a strategic partnership with TECHNOLOGIES E-SOLOMO.
Under the Strategic Partnership Agreement, E-Solomo will support Fly-E's Mexican market expansion through its established sales network while gaining access to Fly-E's proprietary technologies. The collaboration includes plans for IoT technology implementation, smart mobility solutions, and the development of a joint after-sales service network in Mexico.
CEO Andy Ou emphasized the significant potential in the Mexican electric two-wheeler market and revealed plans for additional store openings across South America and Europe as part of the company's international expansion strategy.
Positive
- Strategic entry into Mexican market through partnership with established local brand E-Solomo
- Access to E-Solomo's existing sales network and brand influence in Mexico
- Plans for expansion across South America and Europe
- Development of joint after-sales service network to enhance customer support
- Mutual technology sharing agreement with E-Solomo
Negative
- Significant investment required for international expansion and store openings
- Potential operational challenges in new market entry
- Dependence on local partner for market penetration
Insights
Fly-E's Mexico entry marks strategic South American expansion through local partnership, leveraging E-Solomo's market presence to accelerate growth.
Fly-E Group's market entry into Mexico represents a significant strategic expansion into South America through a dual approach: establishing a physical retail presence and securing a local partnership with TECHNOLOGIES E-SOLOMO. This move follows a common internationalization pattern where companies pair their global capabilities with local expertise to navigate market-specific challenges.
The partnership with E-Solomo is particularly strategic as it provides Fly-E with immediate access to established distribution networks and local market knowledge - two critical factors that typically determine success in international expansions. E-Solomo's position as an early entrant in Mexico's electric mobility space offers Fly-E significant competitive advantages through brand recognition and existing customer relationships that would otherwise take years to develop independently.
The agreement's structure reveals a thoughtful approach to technology exchange and market development. Fly-E gains localization support and sales channel access while E-Solomo receives proprietary technology access. This reciprocal value exchange suggests a partnership built on complementary strengths rather than merely a distribution agreement. The companies' joint plans for IoT implementation and after-sales service network development indicate a long-term commitment to the Mexican market.
The CEO's comments about pre-IPO international expansion plans and future growth across South America and Europe signal that this Mexico entry represents the first step in a broader global strategy. This suggests a methodical approach to international market development, using Mexico as a testing ground and proof-of-concept for additional expansions.
NEW YORK, Aug. 07, 2025 (GLOBE NEWSWIRE) -- Fly-E Group, Inc. (Nasdaq: FLYE) (“Fly-E” or the “Company”), an electric vehicle company engaged in designing, installing, selling, and renting smart electric motorcycles, electric bikes, and electric scooters, today announced the grand opening of its retail store in Mexico City in collaboration with its local distributor, TECHNOLOGIES E-SOLOMO (“E-Solomo”), one of Mexico’s earliest and established electric mobility brands, marking a significant milestone in the Company’s expansion into the South American market. In addition, Fly-E entered into a Strategic Partnership Agreement (the “Agreement”) with E-Solomo. The collaboration aims to leverage both companies’ strengths to accelerate market penetration and provide innovative, high-quality electric mobility solutions to local consumers.
According to the Agreement, E-Solomo agreed to facilitate Fly-E’s expansion into the Mexican market through E-Solomo’s sales network and brand influence and provide localization and supply chain assistance. Fly-E agreed to, in turn, provide E-Solomo access to its proprietary technologies. The parties also plan to collaborate on the implementation of IoT technology and smart mobility solutions, and to jointly establish an after-sales service network in Mexico to strengthen customer support and experience.
Mr. Zhou (Andy) Ou, Chairman and Chief Executive Officer of Fly-E, remarked, “The Mexican electric two-wheeler market presents immense potential, and international expansion has always been a core part of our growth strategy—even before our IPO. The launch of our first store in Mexico City and the signing of our strategic partnership agreement with E-Solomo mark a significant step forward in realizing our global ambitions. We plan to open additional stores in Mexico and continue our international growth across South America and Europe.
Fly-E is committed to delivering advanced and reliable mobility solutions and building long-term, mutually beneficial partnerships worldwide. As one of the first companies to establish a local electric bike brand in Mexico, E-Solomo has differentiated itself with its competitive pricing, localized design, flexible sales channels, and high brand recognition. The collaboration with E-Solomo represents just the beginning of our broader strategy to bring sustainable and efficient transportation solutions to customers around the globe. With E-Solomo’s local expertise and our global capabilities, we are confident this partnership will serve as a cornerstone for our growth in Mexico and beyond.”
About Fly-E Group, Inc.
Fly-E Group, Inc. is an electric vehicle company that is principally engaged in designing, installing, selling, and renting smart electric motorcycles, electric bikes and electric under the brand "Fly E-Bike." The Company's commitment is to encourage people to incorporate eco-friendly transportation into their active lifestyles, ultimately contributing towards building a more environmentally friendly future. For more information, please visit the Company's website: https://investors.flyebike.com.
About TECHNOLOGIES E-SOLOMO
Founded in 2021 and headquartered in Mexico City, E-Solomo is one of the earliest local e-bike brands in Mexico’s electric two-wheeler industry. Specializing in the retail of cost-effective electric vehicles, E-Solomo offers a diverse product lineup that includes electric bicycles, passenger e-mopeds, and an upcoming series of electric tricycles. E-Solomo has established itself in the market through its strong market foundation, strategic distribution networks, and a commitment to innovation in sustainable urban mobility. E-Solomo is dedicated to delivering practical and affordable mobility solutions designed to meet the unique needs of the Mexican market. For more information, please visit: https://www.esolomo.com.mx/.
Forward-Looking Statements
Certain statements in this announcement are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on the Company's current expectations and projections about future events that the Company believes may affect its financial condition, results of operations, business strategy and financial needs. Investors can find many (but not all) of these statements by the use of words such as "approximates," "believes," "hopes," "expects," "anticipates," "estimates," "projects," "intends," "plans," "will," "would," "should," "could," "may" or other similar expressions. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct. The Company cautions investors that actual results may differ materially from the anticipated results, and that the forward-looking statements contained in this press release are subject to the risks set forth in the Company's filings with the Securities and Exchange Commission (the "SEC"), including the section under "Risk Factors" of its most recent Annual Report on Form 10-K for the fiscal year ended March 31, 2025, filed with the SEC on July 15, 2025. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law.
For investor and media inquiries, please contact:
Fly-E Group, Inc.
Investor Relations Department
Email: ir@flyebike.com
Ascent Investor Relations LLC
Tina Xiao
Phone: +1-646-932-7242
Email: investors@ascent-ir.com
FAQ
What is Fly-E Group's (FLYE) expansion strategy in Mexico?
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