CHINA’S Mobike said it has joined hands with manufacturing giant Foxconn to double the number of bikes it plans to make this year to 10 million, as the startup seeks to become the dominant player in the country’s nascent bike-sharing market.
Mobike, which is backed by Tencent and Warbung Pincus LLC, made just 100,000 bicycles last year. This year it will manufacture 5.6 million with Foxconn and the rest on its own, it said.
Founded in 2015, Mobike is one of several companies in China that allows users to find, scan, and rent bicycles through a smartphone app. It also has one foreign office in Singapore.
The company has not ruled out manufacturing bicycles in the United States, chief executive Davis Wang told Reuters yesterday, saying the firm would seek to meet demand in different markets with local manufacturing.