MEXICO (REUTERS) - Mobike could give Mexico City's incumbent 'mo' competition.
The private Beijing-based bike-sharing company, along with compatriot Ofo, both sport more than a billion dollars in capital and they plan to launch their bike-sharing business in Mexico City.
Mobike is looking down the road beyond Mexico.
"Latin America is a market that has a lot of mobility needs. We have a lot in common with our Latin brothers and sisters across the continent. Mexico will be a base for these options to spread further south," said Rene Ojeda, general director of Mobike in Mexico.
Mobike will go head-to-head with Ecobici, which is run by the city government. Ecobici rents more than 6,000 bikes at over 450 stations and is one of the largest public bike-sharing programmes in North America.