Outdoor World

Bicycle-sharing firm loses 90% of its bikes, shuts down after just 6 months

All of those vandalised bikes were going to drive one of China’s bike-sharing fellowships out of business sooner or later. That hour has come.

Wukong Bike one of an estimated 30 bike-sharing startups in China has shut after a mere a period of six months of operations. It had no choice: it lost nearly 90 percent of its bicycles to mischief and theft.

The company had a fleet of 1,200 bicycles in the towns of Chongqing.

A rare group photo of the bicycles.

Image: Wukong bicycle/ Weibo

Like many of its opponents, Wukong offered motorcycles for lease for the purposes of the Uber model of “sharing” a bike grasp one off the street, unlock it with an app, and simply left open by the side of wall street at your destination.

Wukong charged precisely 0.5 yuan ($ 0.07) per half-hour, same to the market charge set by the competition.

Lei Houyi, Wukong’s founder, accused the losses on the bicycles not having GPS trackers on them. The company targeted its motorcycles around college campuses and part builds, but couldn’t retrace their bikes if people took them further out, or accompanied them home.

In contrast, big contestant Mobike has said its GPS trackers are so sophisticated that staff can tell, based on elevation, if a bicycle has been parked in a multistorey building, and become knock on the right opening to retrieve it.

Never mind that beings shouldn’t even nick these bicycles to begin with, of course.

Image: Wukong bicycle/ Weibo

And unlike participates like Mobike and Ofo, Wukong absence the deep pockets to be able to maintain thin boundaries, while churning out hundreds of thousands of bikes and flood the street with them, to build them readily available.

Wukong had future plans to install GPS trackers in future simulates, and said in March this year that it planned to handout 300,000 bicycles in ten metropolis by June.

Alas, it extended out of funds before it is able to reaching those goals.

Image: Wukong Bicycle/ Weibo

Wukong Bicycle’s shuttering originated soon after Mobike gained over $ 600 million in its latest funding round, an unprecedented quantity in the bicycle-sharing sector.

“For small and medium-sized businesses, the shared-bike business is viciou, ” Lei wrote on The Founder , a Chinese periodical. “Mobike and Ofo have become two giant black hole, and there’s not much seat to originate for corporations that come after it.”

Read more: http :// mashable.com/ 2017/06/ 22/ bike-sharing-wukong-china /~ ATAGEND

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