Fly-E Group opens first retail store in Mexico City

MEXICO CITY - Electric vehicle company Fly-E Group, Inc. (NASDAQ:FLYE), which generated revenues of $25.43 million in the last twelve months, announced Thursday the opening of its first retail store in Mexico City in partnership with local distributor TECHNOLOGIES E-SOLOMO. According to InvestingPro data, the company faces significant financial challenges, with revenue declining by 21% year-over-year.

The companies have also entered into a Strategic Partnership Agreement aimed at expanding Fly-E’s presence in the Mexican market. Under the agreement, E-Solomo will provide access to its sales network and supply chain assistance, while Fly-E will share its proprietary technologies.

The partnership includes plans to implement IoT technology and smart mobility solutions, as well as establish a joint after-sales service network in Mexico.

"The Mexican electric two-wheeler market presents immense potential, and international expansion has always been a core part of our growth strategy," said Zhou (Andy) Ou, Chairman and CEO of Fly-E.

Founded in 2021, E-Solomo is described as one of Mexico’s earliest local electric bike brands, specializing in cost-effective electric vehicles including bicycles, passenger e-mopeds, and upcoming electric tricycles.

Fly-E Group designs, installs, sells, and rents smart electric motorcycles, electric bikes, and electric scooters under the "Fly E-Bike" brand. The company indicated plans to open additional stores in Mexico and continue expansion across South America and Europe.

This announcement marks Fly-E’s first significant step into the South American market, according to the press release statement.

In other recent news, Fly-E Group, Inc. has announced the pricing of its latest public offering, which includes 28,595,553 shares of common stock and accompanying warrants, aiming to raise approximately $6.94 million in gross proceeds. Each share is offered at $0.2428, with warrants exercisable at a 120% premium, set to expire five years from the issue date. In a move to maintain its Nasdaq listing, Fly-E Group will implement a one-for-five reverse stock split effective July 7, 2025, converting every five pre-split shares into one share of common stock. This decision was approved by both stockholders and the board of directors. Additionally, Fly-E Group has regained compliance with Nasdaq’s minimum bid price requirement by maintaining a closing bid price of $1.00 or more for at least 10 consecutive business days. These developments are part of the company’s recent efforts to stabilize and enhance its market position.

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