Lime’s record global ridership drives 45% growth in first half of 2023

Posted: 13 September 2023 | | No comments yet

Lime’s growth in 2023 is powered by its highest ever ridership in a single quarter, with more than 40 million trips taken globally in Q2 alone.

Lime’s record global ridership drives 45% growth in first half of 2023

Credit: Lime/ Philipp Lipiarski

Lime, the shared electric vehicle company, has unveiled new global financial and ridership figures from the first half of 2023 that demonstrate that demand for shared e-bikes and e-scooters continues to grow around the world.

Lime is off to the best start of any year in its history. The company’s growth in 2023 is powered by its highest ever ridership in a single quarter, with more than 40 million trips taken globally in Q2 alone, besting its previous record quarter of Q3 in 2022. This record ridership stems from Lime’s growth within existing markets and into new markets, leading to higher average trips-per-vehicle-per-day and improved supply and reliability for riders. 

In London, Lime is seeing similar growth. Riders have taken more than 12 million e-bike trips between January 2019 and March 2023 – with e-bike usage growing by an average of 10% each month as demand for shared micro-mobility grows.

As a result of more people choosing shared e-bikes, Lime trips have prevented over one million motor vehicle trips in London, replacing an estimated 2.6 million car/taxi kilometres-travelled and approximately 370 tonnes of CO2 and 48kgs of particulate matter (PM2.5) savings.

In the UK, outside of London, Lime is also seeing strong growth, with the business having recently achieved one million total rides in Milton Keynes, where it has operated its shared e-scooter service since 2020. It also successfully expanded its UK footprint in H1 2023, launching new shared e-bike schemes in both Nottingham and Derby. 

“Coming off a record year for Lime, we are proud to have achieved an acceleration in our strong performance in 2023” said Wayne Ting, CEO of Lime. “Riders around the world are demonstrating strong demand for low-cost, reliable and emissions-free transportation. We are encouraged that cities also recognise this as they continue to welcome and expand e-bike and e-scooter programmes globally. Our year-over-year revenue growth and ability to operate profitably are strong signals for the long-term viability of Lime’s business. This record first half is a strong endorsement of our investments in in-house hardware design, operational excellence and cultivating strong relationships with cities.”

In the first half of the year, Lime achieved more than $250 million in gross bookings, a 45% increase over the same period in 2022. Lime also achieved positive Adjusted global EBITDA of $27 million during this period, marking the first time that it has reached this milestone in the first half of any year to date, with a margin improvement of 29 percentage points. Lime also achieved positive EBITDA on an unadjusted basis during this period. The H1 results highlight Lime’s continued momentum following a 2022 in which it achieved positive Adjusted EBITDA over the full year.

How did Lime get here?

Lime’s continued success relies upon investments in three core areas over the past several years, leading to widely differentiated outcomes from its competitors:

  • Hardware innovation
  • Tech-enabled operations
  • Winning competitive tenders.

Lime’s ability to improve operating margins stems from investments in hardware development and operational capacity. Lime’s Gen4 fleet of e-bikes and e-scooters are preferred by riders given their stability and safety features; require less frequent repairs; allow for streamlined operations due to their shared swappable battery; and now comprise nearly 75% of Lime’s deployed vehicles globally. The vehicles are expected to last upwards of five years and feature a modular design, so parts can be replaced quickly, leading to greater availability and reliability for riders. 

The benefits from in-house hardware design pair with operational improvements that include greater standardisation between warehouses globally, investments in back-end software to optimise tasks that drive revenue, and positioning vehicles in locations where and when riders are looking for them. 

Lime has also demonstrated sustained excellence in successfully competing for and retaining competitive operating permits in major cities, combined with significant investment in expanding its e-scooter and e-bike fleet in existing markets.

In 2023, Lime has submitted tenders for and won more than 90% of competitive permits globally, including London, New York City, Milan, Rome, Madrid, Lille, Oslo, Vienna and more. Once it wins a permit, Lime has also proven it will continue to invest to expand its service via fleet cap increases granted by cities because of the company’s high level of operational compliance.