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What to Know

  • The bike sharing company Citi Bike plans to triple the number of its bikes in New York City over the next five years

  • The bike share service currently has 12,000 bikes, meaning the new expansion will increase the number to about 40,000 bikes

  • The ride-hailing company Lyft, which owns CitiBike, will spend roughly $100 million for the expansion

The bike sharing company Citi Bike plans to triple the number of its bicycles in New York City over the next five years.

The bike share service currently has 12,000 bikes, meaning the new expansion will increase the number to about 40,000 bikes.

The ride-hailing company Lyft, which owns Citi Bike, will spend roughly $100 million for the expansion.

In July, Lyft announced it was buying the core operations of Motivate — the parent company of multiple bike-sharing programs in the country, including Citi Bike, which operates in New York City.

The acquisition was part of Lyfts Green Cities Initiative and came on the heels of its recent carbon neutrality pledge.

According to Lyft, in 2017, 80 percent of the bike-share trips in the United States were on Motivate-operated systems.