Stellantis buys car-sharing business from BMW, Mercedes – Reuters

May 3, 2022 by No Comments

FRANKFURT/MILAN, May 3 (Reuters) – Stellantis (STLA.MI) has agreed to buy the Share Now car sharing business from BMW (BMWG.DE) and Mercedes-Benz (MBGn.DE) as the two German groups focus on the software part of their mobility alliance.

Formed last year through the merger of Fiat Chrysler and Peugeot maker PSA, Stellantis wants to position itself as a global leader in car-sharing, using this step announced on Tuesday to expand its existing business in the area.

The deal reflects different approaches by carmakers who are trying to tap new sources of revenues beyond selling vehicles, most notably in the developing area of mobility services.

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Brigitte Courtehoux, who heads Stellantis’ mobility division Free2move, said the deal was part of the group’s plans to grow net revenues of that business to 700 million euros ($735 million) in 2025 and to 2.8 billion euros in 2030.

“We will really accelerate in terms of revenues,” she said.

Stellantis said the deal would allow Free2move to add 14 major European cities and 10,000 vehicles to its current 2,500-strong car sharing fleet, gaining over 3.4 million customers.

“We’re at break even since mid-2020, we know how to be profitable in this business,” Courtehoux said.

She added the Free2Move fleet would not turn 100% Stellantis but said “step by step we’ll have more and more Stellantis cars in it”.

No financial details were provided for the transaction. Italian daily la Repubblica said it was worth around 100 million euros.

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Source: https://www.reuters.com/business/autos-transportation/bmw-mercedes-benz-sell-car-sharing-joint-venture-stellantis-2022-05-03/

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