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South Korean e-scooter company Gbike acquires Hyundai Motor’s micromobility platform ZET 


Gbike, a South Korea-based micromobility Gcooter operator, is acquiring Hyundai Motor’s shared micromobility platform ZET as it wants to increase its market share and create technological synergies via ZET’s fleet management system. 
Gbike CEO Walter Yoon told TechCrunch that the deal, which is its first acquisition, will be completed in early August. The financial terms of the deal were not disclosed. 
South Korea’s consolidations appear to start in the shared micromobility industry after many e-scooter players jumped into the sector in 2019, Yoon said in an interview with TechCrunch. Gbike has been approached by potential buyers to be acquired while the startup was looking for acquisition targets itself, Yoon said, adding that it is in talks with another company to acquire.
“This year might be the time for consolidation [in the e-scooter industry],” Yoon said. “We are very open to any other opportunity.”
The ZET team will not join Gbike’s team and will remain at Hyundai, Yoon noted. The acquisition brings the startup’s total vehicle size up to about 45,000. (Gbike, which added …

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