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

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According to (This article and its images were originally posted on The Verge September 2, 2018 at 10:29AM.)

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 bikes to Ofo between January and April.

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This article and images were originally posted on [The Verge] September 2, 2018 at 10:29AM. Credit to Author  and The Verge | ESIST.T>G>S Recommended Articles Of The Day.

 

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