Fly-E Group, Inc. Launches E-Bike Rental Service to Address Growing Market Demand and Participates in NYC’s Trade-In Program
Rhea-AI Summary
Fly-E Group (Nasdaq: FLYE) has launched a new e-bike rental service and is participating in NYC's trade-in program. The rental service, available through a mobile app and select stores, offers a $199 monthly fee with ownership after 10 months. Fly-E plans to expand to Miami, Toronto, and Los Angeles.
The company is developing safe charging cabinets in line with government policies. Fly-E's Fly-11 Pro model is part of NYC's Trade-in Program, allowing delivery workers to exchange uncertified e-bikes for UL-certified alternatives. CEO Andy Ou emphasized the company's commitment to safety, with all e-bikes featuring UL-certified lithium batteries.
Positive
- Launch of new e-bike rental service with $199 monthly fee and ownership option after 10 months
- Planned expansion of rental service to Miami, Toronto, and Los Angeles
- Participation in NYC's Trade-in Program with Fly-11 Pro model
- Development of safe charging cabinets compliant with government policies
- All e-bikes feature UL-certified lithium batteries for enhanced safety
Negative
- None.
News Market Reaction
On the day this news was published, FLYE gained 4.16%, reflecting a moderate positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
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
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 offering cost-effective, high-performance electric bikes, promoting environmentally friendly travel, and contributing to the city's sustainable development.”
About Fly-E Group, Inc.
Fly-E Group, Inc. is an electric vehicle company that is principally engaged in designing, installing and selling smart electric motorcycles, electric bikes, electric scooters and related accessories 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.
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, 2024, filed with the SEC on June 28, 2024. 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 new e-bike rental service pricing?
Which cities is Fly-E Group (FLYE) planning to expand its e-bike rental service to?
How is Fly-E Group (FLYE) participating in NYC's Trade-in Program?
What safety features do Fly-E Group's e-bikes have?
