Meituan Bike Hikes Beijing Prices Again in Bid to Reduce Cycle Sharing Losses
Xu Wei
/SOURCE : yicai
Meituan Bike Hikes Beijing Prices Again in Bid to Reduce Cycle Sharing Losses

(Yicai Global) Oct. 9 -- Mobike's successor Meituan Bike has raised its bike-sharing rates in Beijing as its parent Meituan-Dianping looks to reduce the losses from its last-mile mobility unit.

Meituan Bike will now charge CNY1.5 (21 US cents) for every half-hour, Beijing Business Today reported. It already doubled rates in the capital in April, when it began charging CNY1 for the first 15 minutes of a journey and CNY0.5 for every subsequent quarter of an hour.

Meituan-Dianping bought bought Mobike for USD2.7 billion last year and rebranded the bike sharer as Meituan Bike in January. The company lost CNY8.5 billion (USD1.2 billion) in 2018, with Mobike making up some CNY4.55 billion of the deficit, according to Meituan-Dianping's financial report for the year.

Rivals Hellobike, run by Didi Chuxing, and Ofo have not changed their Beijing rates, the report added.

Editor: James Boynton

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Keywords: Mobike , Bike Sharing , Meituan Bike