Lime is launching its fourth generation scooter in Paris this week, an example the company says of its financial turnaround and commitment to growth. But that product rollout isn’t over.
Lime CEO Wayne Ting hinted Thursday during the WSJ Future of Everything event that a “third mode,” beyond bikes and scooters, are also in the works for the first quarter of 2021 as well as the addition of third-party companies to its platform. Earlier this year, Lime started to include Wheels -branded electric bikes in certain cities on its app. Ting said users should expect more partnerships like these.
Ting wouldn’t give specifics on this “third mode” except to explain that will will probably serve a slightly longer distance than its scooters and be better at carrying cargo.
“We want to make sure that it continues to appeal to different demographics that maybe don’t see themselves on a scooter,” Ting added.
For now, Lime is focused on deploying the Gen4, a model that Ting says will surpass the more than two-year lifespan of its previous generation. The Gen4 will rollout across Europe in early 2021.
The Gen 4 features swept back handlebars that are similar to the design of bike handles, which Lime says allows for a more comfortable grip. The new model also an enhanced suspension and larger wheels, a dual hand brake system, a lower baseboard to optimize the center of gravity on the scooter and a new kickstand with two legs.
Perhaps the biggest change is the addition of a swappable battery, which Ting described as a “huge improvement on existing technology.” These swappable batteries will be interchangeable with the Lime bike fleet, further streamlining its operations, the company said Thursday.
Lime said Thursday it was both operating cash flow positive and free cash flow positive in the third quarter — a first — and is on pace to be full-year profitable, excluding certain costs (EBIT), in 2021. That turnaround will allow the company to continue to invest in product development and expand its footprint, according to Ting.