Uber Rival Bolt Bets Pandemic Will Drive Scooter Demand
- Bolt to invest at least $118 million to expand scooter fleet
- Ride-hailing company sees pandemic driving demand for scooters
Source: Bolt Technology
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Europe’s No. 1 rival to ride-hailing giant Uber Technologies Inc. plans to invest more than 100 million euros ($118 million) next year to expand its fleet of rentable electric scooters and bicycles across the continent, even as governments clamp down on personal mobility to battle the pandemic.
Bolt Technology OU wants to boost its network to 130,000 scooters and bikes in more than 100 European cities following a 100 million-euro funding round in May. The expansion includes first-time inroads into countries like Germany and the U.K. Ride-sharing has recovered from Covid-19’s spring outbreak and scooter rentals never dipped. But the next three to six months may be more “difficult” overall amid the virus’s resurgence.