NEW YORK, Aug. 9, 2024 (GLOBE NEWSWIRE) — Fly-E Group, Inc. (Nasdaq: FLYE) (“Fly-E” or the “Company”), an electric vehicle company engaged in the development, installation and sale of smart electric motorcycles, electric bicycles, electric scooters and related accessories, today announced the launch of its new e-bike rental service (the “Rental Service”) to meet growing market demand and its participation in the City’s Trade-In Program (the “Trade-In Program”) implemented by the New York City authorities aimed at improving the safety of e-bikes and batteries.
The rental service, which will soon be available through a Fly-E rental service mobile app and select company stores, offers users a flexible and cost-effective rental option. For a monthly fee of $199, subject to the terms of the rental agreement, users who rent for ten months will acquire ownership of their e-bikes at the end of the rental period at no additional cost, making it an attractive proposition for consumers. Fly-E plans to expand the rental service to Miami, Toronto and Los Angeles as part of its growth strategy. In parallel, Fly-E is developing state-of-the-art charging cabinets in line with government guidelines for safe charging at designated charging stations. These cabinets are designed to meet the safety standards set by law and provide users with safe and efficient charging solutions.
As one of the largest e-bike retailers in New York, Fly-E’s Fly-11 Pro model was selected as one of the trade-in options to participate in the Trade-in Program (https://www.equitablecommute.org/tradein). The Trade-in Program allows over 60,000 existing New York delivery drivers to trade in their non-certified e-bikes and batteries for UL-certified alternatives, giving delivery drivers access to affordable, UL-certified e-bikes.
Mr. Zhou (Andy) Ou, Chairman and CEO of Fly-E, commented, “Safety is our top priority and we believe that strict measures are essential to build trust and encourage adoption. All of our e-bikes are equipped with UL-certified lithium batteries for safety. We are now excited to introduce our new e-bike rental service. Our goal is to provide a safe and enjoyable electric riding experience. We fully support NYC’s safety initiatives and are committed to improving electric vehicle safety standards. We are committed to providing affordable, high-performance electric bikes, promoting green travel and contributing to the city’s sustainable development.”
About Fly-E Group, Inc.
Fly-E Group, Inc. is an electric vehicle company primarily engaged in the development, installation and sale of smart electric motorcycles, electric bicycles, electric scooters and related accessories under the brand “Fly E-Bike”. The company’s goal is to encourage people to incorporate environmentally friendly transportation into their active lifestyles and ultimately contribute to building a greener future. For more information, please visit the company’s website: https://investors.flyebike.com.
Forward-looking statements
Certain statements in this announcement are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on the Company’s current expectations and projections regarding future events that the Company believes may affect its financial condition, results of operations, business strategy and financial needs. Investors can identify many (but not all) of these statements by the use of words such as “approaches,” “believes,” “hopes,” “expects,” “anticipates,” “estimates,” “projects,” “intends,” “plans,” “will,” “would,” “should,” “could,” “may” or other similar expressions. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, it cannot assure you that these expectations will prove to be correct. The Company cautions investors that actual results may differ materially from those anticipated and that the forward-looking statements in this press release are subject to the risks set forth in the Company’s filings with the Securities and Exchange Commission (the “SEC”), including the “Risk Factors” section of its most recent Annual Report on Form 10-K for the fiscal year ended March 31, 2024, which was filed with the SEC on June 28, 2024. The Company undertakes no obligation to publicly update or revise any forward-looking statements to reflect subsequent events or circumstances or changes in its expectations, except as required by law.
For investor and media inquiries please contact:
Fly-E Group, Inc.
Investor Relations Department
Email: [email protected]
Ascent Investor Relations LLC
Tina Xiao
Phone: +1-646-932-7242
Email: [email protected]
