June 18, 2024

Ola Electric Preps for $660M IPO

Plus, Gogoro gets $50M for expansion.

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

What You Need to Know Today

Gogoro procured a $50 million investment from its largest shareholder, Gold Sino Assets Limited, to bolster growth and development in Taiwan and also expand into new international markets.

Meanwhile, Ola Electric has received the green light for a $660 million IPO, marking a significant step towards India's first-ever EV stock listing.

McKinsey & Company predicts that the global micromobility market will reach $520 billion by 2035, representing nearly 50% growth from the present industry value of $360 billion.

Image Credit: McKinsey & Co

India’s removal of 2-wheeler subsidies has dramatically reshaped the market, with a 27% fall in 2-wheeler sales but a 22% surge in 3-wheeled rickshaw sales last month.

Oman is rolling out its first electric scooter trials.

The US’s 25% tariff exclusion on Chinese-made electric bikes is expiring, and in response, Rad Power plans to institute a $100-200 price increase on select models in the upcoming months. Because the majority of e-bikes currently sold in the US are manufactured in China, its likely other brands will follow suit soon.

Image Credit: Rad Power Bikes

In a regulatory development that could set a precedent, the New Jersey Supreme Court has ruled that low-speed e-scooter injuries are not eligible for personal injury protection benefits.

Despite Yamaha’s $40 million investment in India’s River Mobility, the Japanese giant is moving cautiously into the Indian EV moped market. The company plans to introduce only 1-2 electric models by 2030, citing concerns that a more aggressive approach could disrupt its existing network and hinder sales.

European e-bike sales slipped 8% in 2023, according to a new report. The statistic is an average of unit sales from seven important markets. Switzerland and Italy saw the steepest declines, while Austria and Germany experienced the smallest.

Image Credit: Bike Europe

California's proposed AB 1774 bill seeks to limit the sale of speed-altering devices for e-bikes, but the measure could lack efficacy by not addressing more common means of modifying e-bike performance, such as adjusting the software settings, that don’t require aftermarket products.

Also in California, the Senate Transportation Committee greenlights e-bike training for kids over the age of 12 in an effort to address the recent rise in e-bike injuries. For reference, a recently published decade-long study found that children under the age of 14 comprise 72% of e-bike injuries.

E-bike ownership is less correlated to income than acoustic bike ownership, according to a new study from Australia.

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