UPS Tries eQuad Electric Cargo Bike For Deliveries: Reuters

United Parcel Service Inc UPS tries implementing four-wheeled eQuad electric cargo bikes for deliveries in densely packed urban areas, Reuters reported.
The move is taken as a part of the package delivery giant’s push into electric vehicles.
The report added that the company is trialing around 100 bikes manufactured by British firm Fernhay in seven European markets.
eQuad has an electric-assisted top speed of around 25 kilometers and can haul up to 200 kilograms (441 lb) of packages.
Reuters report further noted that UPS is also planning to launch trials in the U.S. and some Asian markets.
Price Action: UPS shares closed lower by 2.58% at $214.51 on Thursday.
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