Fly-E Group, Inc. Launches E-Bike Rental Service to Address Growing Market Demand and Participates in NYC’s Trade-In Program

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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.

플라이-E 그룹(Nasdaq: FLYE)은 새로운 전기 자전거 대여 서비스를 출시하고 뉴욕시의 교환 프로그램에 참여하고 있습니다. 모바일 앱과 선정된 매장에서 이용 가능한 대여 서비스는 199달러의 월 요금으로 제공되며, 10개월 후 소유권이 이전됩니다. 플라이-E는 마이애미, 토론토, 로스앤젤레스로 확장할 계획입니다.
회사는 정부 정책에 따라 안전한 충전 캐binets을 개발하고 있습니다. 플라이-E의 플라이-11 프로 모델은 NYC의 교환 프로그램의 일환으로, 배달 작업자들이 비인증 전기 자전거를 UL 인증 대안으로 교환할 수 있습니다. CEO 앤디 우는 모든 전기 자전거에 UL 인증 리튬 배터리가 장착되어 있어 회사의 안전에 대한 헌신을 강조했습니다.

Fly-E Group (Nasdaq: FLYE) a lancé un nouveau service de location de vélos électriques et participe au programme d'échange de NYC. Le service de location, disponible via une application mobile et dans certains magasins sélectionnés, propose un tarif mensuel de 199 $ avec option d'achat après 10 mois. Fly-E prévoit de s'étendre à Miami, Toronto et Los Angeles.
L'entreprise développe des armoires de chargement sécurisées conformément aux politiques gouvernementales. Le modèle Fly-11 Pro de Fly-E fait partie du programme d'échange de NYC, permettant aux livreurs d'échanger des vélos électriques non certifiés contre des alternatives certifiées UL. Le PDG Andy Ou a souligné l'engagement de l'entreprise en matière de sécurité, toutes les e-bikes étant équipées de batteries au lithium certifiées UL.

Die Fly-E Group (Nasdaq: FLYE) hat einen neuen E-Bike-Verleihdienst gestartet und nimmt am Rückgabeverfahren in NYC teil. Der Verleihdienst, der über eine mobile App und ausgewählte Geschäfte verfügbar ist, bietet eine monatliche Gebühr von 199 Dollar mit Eigentum nach 10 Monaten. Fly-E plant eine Expansion nach Miami, Toronto und Los Angeles.
Das Unternehmen entwickelt sichere Ladebüros in Übereinstimmung mit den staatlichen Richtlinien. Das Modell Fly-11 Pro von Fly-E ist Teil des Rückgabeverfahrens in NYC, das es Zustellern ermöglicht, nicht zertifizierte E-Bikes gegen UL-zertifizierte Alternativen einzutauschen. CEO Andy Ou betonte das Engagement des Unternehmens für die Sicherheit, da alle E-Bikes über UL-zertifizierte Lithiumbatterien verfügen.

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.

Fly-E Group's launch of its e-bike rental service and participation in NYC's Trade-in Program could have a positive impact on the company's financials. The $199 monthly rental fee with a 10-month ownership option presents an attractive revenue stream and potential for market share growth. This model could lead to increased customer acquisition and recurring revenue. The planned expansion to Miami, Toronto and Los Angeles suggests a strong growth strategy. However, the initial capital investment for the rental fleet and charging infrastructure may impact short-term profitability. The Trade-in Program participation could boost sales of the Fly-11 Pro model, potentially increasing market penetration in the lucrative NYC delivery market. Investors should monitor the adoption rate of the rental service and its impact on the company's cash flow and margins in upcoming financial reports.

Fly-E's new initiatives align well with urban mobility trends. The rental service addresses the growing demand for flexible, sustainable transportation options in cities. The $199 monthly fee with ownership option is competitive and could attract cost-conscious consumers. Participation in NYC's Trade-in Program is strategically sound, potentially capturing a significant portion of the 60,000+ delivery worker market. The development of safe charging cabinets demonstrates proactive compliance with regulations, which could become a competitive advantage. The expansion plans to other major cities indicate a scalable business model. However, challenges may arise from competition in the e-bike market and potential regulatory changes. The success of this venture will depend on Fly-E's ability to maintain quality, ensure safety and adapt to evolving urban transportation policies.

Fly-E's initiatives contribute positively to urban sustainability goals. The e-bike rental service and participation in the Trade-in Program promote eco-friendly transportation, potentially reducing carbon emissions in cities. The focus on UL-certified batteries and safe charging solutions addresses critical environmental and safety concerns associated with e-bikes. This approach could enhance public trust in e-mobility solutions and accelerate adoption. The company's expansion plans could have a multiplier effect on reducing urban carbon footprints across multiple cities. However, the environmental impact of battery production and disposal should be closely monitored. Fly-E's commitment to safety and sustainability aligns with global trends towards greener cities, potentially positioning the company favorably in the growing e-mobility market. Investors should consider the long-term positive environmental impact and its potential to drive consumer preference and regulatory support.

08/09/2024 - 04:05 PM
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 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?

Fly-E Group's new e-bike rental service is priced at $199 per month, with users gaining ownership of the e-bike after 10 months of rental at no additional cost.

Which cities is Fly-E Group (FLYE) planning to expand its e-bike rental service to?

Fly-E Group plans to expand its e-bike rental service to Miami, Toronto, and Los Angeles as part of its growth strategy.

How is Fly-E Group (FLYE) participating in NYC's Trade-in Program?

Fly-E Group's Fly-11 Pro model has been selected as one of the trade-in options in NYC's Trade-in Program, allowing delivery workers to exchange uncertified e-bikes for UL-certified alternatives.

What safety features do Fly-E Group's e-bikes have?

All of Fly-E Group's e-bikes feature UL-certified lithium batteries for enhanced safety. The company is also developing safe charging cabinets compliant with government policies.