Gbike is buying Hyundai Motor’s shared micromobility business, ZET, to grow its market share. Micromobility technology is a type of lightweight transportation. Electronic scooters, e-bikes, traditional bicycles, scooters, electric skateboards, electric water bikes, and hoverboards are all types of micromobility technology. Walter Yoon, the chief executive officer (CEO) of Gbike, told a news source that the deal would be finalized in early August. The negotiations did not say how much it would cost. Interestingly, Yoon said that companies have been desiring to purchase Gbike while the said startup was looking for companies to buy. He also stated that Gbike is in negotiations to acquire another company.

Yoon said, “This year might be a good time for the e-scooter industry to merge.” He is referring to the combination of Gbike and ZET. Even though the aforementioned event will happen, Yoon said that the ZET team will not join Gbike’s team and will stay at Hyundai. With this purchase, the new company now has about 45,000 vehicles. Last year, Gbike added 20,000 e-scooters to its fleet. This year, it will buy ZET’s fleet of fewer than 1,000 e-scooters. Hyundai released the ZET platform in 2019, which makes it possible for anyone to start a micromobility business in their city. ZET has services in Jeju, Daegu, and Incheon, which are all big cities in South Korea.