Web Summit: Lime CEO Discusses Priorities And Path To Profitability In 2020
News | November 7, 2019 | Share
“The first thing we believe in is purposefully building the right size vehicles to service our needs,” said Brad Bao on Wednesday afternoon. “The second thing, amidst a car industry that continues to be ownership-driven, is this idea of sharing.”
With that, the Lime co-founder and CEO helped kick off a Web Summit Center Stage discussion on the rapid evolution of the transportation industry, in many ways both fueled and exemplified by the global rise of micromobility.
Moderated by CNET’s Tim Stevens, the conversation flowed from sustainable technology to vehicle ownership to data sharing and included representatives from the peer-to-peer car sharing, GPS navigation and self-driving truck industries.
“I strongly believe we’re at the beginning of a new era of urban mobility, and cities are learning along with us,” said Bao, referencing Lime’s continuing efforts to proactively collaborate with policy makers. “Luckily for all of us the goals are fully aligned: cut traffic congestion and reduce pollution. Those are the top priorities for most of the cities in the world today.”
Wednesday’s Center Stage discussion on the future of transportation comes amidst a Web Summit that has paid particularly close attention to the long term sustainability of the micromobility industry. In a discussion with CNBC’s Karen Tso on Tuesday, Lime’s CEO announced that the company expects to move beyond positive unit economics into full-fledged profitability by next year.
“As a company we’re already gross margin positive for the entire quarter, and we do anticipate profitability by 2020,” said Bao. “Lime is the largest player in the micromobility space by any metric. Between continuing advancements in bringing down the cost on the depreciation side and increasing operational efficiency, we believe there’s a very clear path to profitability.”
The Web Summit announcement follows Lime’s most ambitious US marketing campaign to date. Entitled “See You There,” the company has enlisted the help of local Los Angeles artists and influencers to help transform the way residents experience the city’s wealth of unique neighborhoods.
To learn more about the most recent news and information emerging from the micromobility industry, subscribe to 2nd Street, or download the Lime app to take an electric scooter ride in more than 130 cities around the world today.
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