Z-Bike Acquires Hyundai Motor PM Platform 'ZET'

[Asia Economy Reporter Kang Nahum] Jibike, the operator of the electric scooter sharing service platform 'Gicooter,' announced on the 18th that it will acquire the shared PM (Personal Mobility) business 'ZET' service from Hyundai Motor Company and Kia.

ZET is an open last-mile mobility platform project developed by Hyundai Motor in August 2019 to provide optimized solutions to small and medium-sized enterprises entering the mobility service business and to contribute to the development of the domestic mobility service and the creation of a win-win ecosystem.

Gicooter has signed a business acquisition contract with Hyundai Motor and plans to take over and operate the ZET platform starting next month. Gicooter has about 2 million members and, as of April this year, has surpassed 40 million cumulative uses, making it the largest shared PM business in Korea with the number one domestic market share.

Gicooter expects this acquisition to be more than just a simple transfer of PM services but a starting point for future collaboration with Hyundai Motor. Yoon Jongsoo, CEO of Jibike, said, "In order for the PM industry to grow stably amid many regulations and rapidly changing market conditions, external support and collaborative activities are necessary," adding, "We will strive to discover sustainable areas in various fields with Hyundai Motor and achieve mutual growth."

This content was produced with the assistance of AI translation services.