Ofo is being sued by Chinese bike manufacture for $10 million in unpaid bills

Chinese bike-share company Ofo is being sued by manufacturer Shanghai Phoenix Bicycles over “unpaid bills” that total nearly $10 million, according to the Financial Times. It’s the latest in a series of setbacks for the company this year, and shows some of the problems that the on-demand bike companies are facing around the world.

According to FT, Ofo signed a contract with the manufacturer for five million bikes in May 2017, which it would purchase over the course of a year. But during that period, Ofo only purchased just under two million bikes, leaving Shanghai Phoenix Bicycles hanging with a 55 percent drop in income, which prompted the lawsuit. Earlier this year, the manufacturer said that it would likely deliver less than 100,000…

Continue reading…

from The Verge – All Posts https://ift.tt/2owvZun
via IFTTT

Tags: ,
Travel Back Up To The Top!