Fly-E's Fly-11 PRO e-bike selected for NYC's E-Bike Trade-In Program, supporting safer transportation for delivery workers.
Quiver AI Summary
Fly-E Group, Inc., an electric vehicle company, announced that its Fly-11 PRO e-bike has been selected by the New York City Department of Transportation as the official e-bike for its E-Bike Trade-In Program. This initiative aims to replace uncertified e-bikes and lithium-ion batteries with models that meet safety standards, distributing around 400 e-bikes during the pilot phase. The Fly-11 PRO was chosen for its advanced safety features and durability, supporting NYC's commitment to safer and more sustainable transportation for delivery workers. This collaboration follows Fly-E's previous involvement in the Equitable Commute Project, showcasing the company's dedication to safety, sustainability, and community engagement. CEO Andy Ou expressed pride in supporting NYC's efforts to enhance safety for its delivery workforce and emphasized Fly-E's focus on quality and environmental responsibility.
Potential Positives
- Fly-E Group's Fly-11 PRO e-bike has been selected as the official e-bike for NYC DOT's E-Bike Trade-In Program, enhancing the company's visibility and credibility in the electric vehicle market.
- The Fly-11 PRO’s selection highlights its advanced safety features and commitment to sustainability, aligning with NYC's goal to improve safety and replace uncertified models.
- This collaboration demonstrates Fly-E's established relationship with NYC, showcasing its experience and expertise in community-focused e-bike initiatives.
Potential Negatives
- The press release includes a caution regarding forward-looking statements, indicating that actual results may differ materially from the company's expectations, which can create uncertainty for investors.
- The reliance on a government program for sales success may indicate a lack of robust market demand independent of external support initiatives.
- The mention of risks and uncertainties associated with the company's projections may raise concerns among investors about the stability and future growth of the company.
FAQ
What is the Fly-11 PRO e-bike?
The Fly-11 PRO is an advanced e-bike selected by NYC DOT for their E-Bike Trade-In Program, designed for safety and durability.
Why was Fly-11 PRO chosen for NYC's E-Bike Trade-In Program?
It was selected for its advanced safety features, including UL-certified components and a robust battery management system.
How many e-bikes will be distributed in the E-Bike Trade-In Program?
Approximately 400 e-bikes are expected to be distributed during the pilot period of the Program.
What commitment does Fly-E Group have towards sustainability?
Fly-E Group is committed to promoting eco-friendly transportation options and improving safety for delivery workers in NYC.
How can I learn more about Fly-E Group, Inc.?
You can visit their website at https://investors.flyebike.com for more information about their electric vehicles and initiatives.
Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.
Full Release
New York, Dec. 23, 2024 (GLOBE NEWSWIRE) -- Fly-E Group, Inc. (Nasdaq: FLYE) (“Fly-E” or the “Company”), an electric vehicle company engaged in designing, installing, selling, and renting smart electric motorcycles, electric bikes, electric scooters, and related accessories, today announced that its flagship e-bike model, the Fly-11 PRO, has been officially selected by the New York City Department of Transportation (“NYC DOT”) as the official e-bike for the E-Bike Trade-In Program (the “Program”). NYC DOT expects to distribute approximately 400 e-bikes during the pilot period.
This Program underscores New York City’s commitment to improving safety and sustainability by replacing uncertified e-bikes and lithium-ion batteries with models meeting UL 2849 safety standards and featuring UL 2271-certified batteries. The Fly-11 PRO was chosen for its advanced safety features, including UL-certified components, an advanced battery management system, and superior durability and range. With its commitment to quality and innovation, Fly-E is expected to equip NYC delivery workers with safer and more efficient transportation options. In addition, this isn’t Fly-E’s first collaboration with NYC. The Company previously supported the Equitable Commute Project (ECP), and had accumulated valuable expertise in e-bike replacement programs and community engagement.
Mr. Zhou (Andy) Ou, Chairman and Chief Executive Officer of Fly-E, commented, “At Fly-E, safety and sustainability are at the heart of everything we do. The Fly-11 PRO was specifically designed with advanced UL-certified components, a robust battery management system, and exceptional durability to prioritize user safety. We are proud to support NYC’s efforts to create a safer, more sustainable future for delivery workers and communities alike. This selection highlights our unwavering commitment to quality, innovation, and environmental responsibility, and we remain committed to driving long-term growth and success for our company.”
About Fly-E Group, Inc.
Fly-E Group, Inc. is an electric vehicle company that is principally engaged in designing, installing, selling, and renting smart electric motorcycles, electric bikes, electric scooters and related accessories under the brand "Fly E-Bike." The Company's commitment is to encourage people to incorporate eco-friendly transportation into their active lifestyles, ultimately contributing towards building a more environmentally friendly 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 about future events that the Company believes may affect its financial condition, results of operations, business strategy and financial needs. Investors can find many (but not all) of these statements by the use of words such as "approximates," "believes," "hopes," "expects," "anticipates," "estimates," "projects," "intends," "plans," "will," "would," "should," "could," "may" or other similar expressions. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct. The Company cautions investors that actual results may differ materially from the anticipated results, and that the forward-looking statements contained 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 section under "Risk Factors" of its most recent Annual Report on Form 10-K for the fiscal year ended March 31, 2024, filed with the SEC on June 28, 2024. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law.
For investor and media inquiries, please contact:
Fly-E Group, Inc.
Investor Relations Department
Email:
ir@flyebike.com
Ascent Investor Relations LLC
Tina Xiao
Phone: +1-646-932-7242
Email:
investors@ascent-ir.com
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