Mobike powers up with electric bikes

Chinese bike-sharing startup Mobike Technology Co Ltd is adding electric bicycles to its fleet, and has announced plans to refund all of its local users' deposits, amid intense competition with rivals such as Ofo Inc.

The electric bicycles will help consumers travel as fast as 20 kilometers per hour, in order to better meet their demand for medium-distance travel, covering three to five kilometers, said Hu Weiwei, founder and CEO of Mobike.

To ensure safety, the company's electric bikes are equipped with the same battery cells as those of the electric car company Tesla. They can go up to 70 kilometers per charge, Mobike added.