Bolt Banks $235M Ahead of IPO

Plus, Nissan to distribute nanocars in Europe.

Welcome to the Micromobility Newsletter, your weekly digest of important events and industry news in the world of personal transportation.

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What You Need to Know Today

Estonian-based Uber rival Bolt, which offers bike- and scooter-share in addition to ride-hail, has received a $235 million credit facility in preparation for an upcoming IPO.

Chinese e-bike brand DYU has secured $14 million in funding for product development and supply chain improvements. Retail partnerships with brick-and-mortar stores like Costco and Sam’s Club account for 90% of DYU’s revenue.

Nissan partners with the Spanish e-moped and minicar maker Silence to distribute the new S04 Nanocar. Owners of the S04 Nanocar can take advantage of Silence’s growing battery-swapping network in Europe.

Image Credit: Silence

Asian micromobility operator Beam says it hit EBITDA profitability in 2023 with a 36% increase in gross revenue from 2022, hitting a record USD $53 million.

Inspired by the success of BMW Motorrad, MINI’s chief executive is considering developing an electric motorbike: “I think this is interesting because it’s urban mobility... If we were to do something I would look into the family first and I think this is something I find interesting.”

In India, FAME-II two-wheeler subsidy ended on March 31. The program’s absence was felt immediately, with a nearly 50% MoM decline in electric two-wheeler sales in April.

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Ola Electric is seeing healthy growth, reporting a 54% YoY increase in registrations to 34,000 in 2023. As of the end of Q1 2024, the electric moped maker claims to have 52% of the Indian market share.

German electric moped manufacturer Emco has acquired its bankrupt rival Unu.

Germany’s Nextbike will operate as an independent entity after being sold by Tier-Dott to a private equity firm.

Image Credit: Nextbike

Nepalese energy venture Nebula Energy and Gogoro collaborate to bring battery-swapping to Nepal.

After experiencing a surge in cycling during pandemic, Belgium invests $450 million into bike highways to provide safe infrastructure and keep cycling momentum high.

The city of Toronto’s micromobility strategy recommends low-speed vehicles (LSVs), rather than shared e-scooters, to address its urban mobility and climate issues.

Image Credit: GEM

A new California law (AB 361) will allow cities to use cameras mounted on government vehicles to ticket drivers parked in bike lanes, but San Diego is reluctant to implement it because it may conflict with a new surveillance ordinance.

Bike-share programs in the US see greater ridership with e-bikes which provide more accessibility of a wider demographic of the population.

LiveWire’s Q1 sales increased 86% YoY in 2024, which was surprisingly good news as the Harley-Davidson electric brand had struggled to reach profitability in its first quarters of operation.

Image Credit: LiveWire

Scotland is set to embrace the e-scooter revolution at last, with the Transport Secretary calling legalization “inevitable.”

A recent study from British Columbia finds that 93% of e-bike rebate recipients were new to e-biking, and 60% were new to cycling in general.

By one estimate, the number of U.S. cycling shops that specialize in electric bikes nearly doubled in the last year.