Stellantis buys Mercedes and BMW's car-sharing joint venture
Stellantis has agreed to acquire the Share Now car-sharing joint venture of BMW and Mercedes-Benz to accelerate its investment in mobility. Financial details of the agreements were not disclosed.
Stellantis, formed by Fiat Chrysler and PSA, wants to bolster its Free2move mobility brand with the acquisition, extending its revenue streams in mobility services.
Representing the global mobility hub of Stellantis, Free2Move provides mobility services for around 3.4 million subscribers in Europe. The acquisitions will help Free2move expand in 14 European cities and add 10,000 new cars to its 2,500 car fleet.
Stellantis wants to increase net revenues of its mobility business to €700 million in 2025 and €2.8 billion by 2030, reaching 15 million subscribers, according to Reuters.
Share Now was established in 2018 to compete within the car-sharing market. Nevertheless, the two German automakers did not gain the profits they expected from car-sharing. Share Now withdrew from North America in 2019 due to high costs.
Mobility cooperation continues
Free2move fleet will not be 100% Stellantis but will gradually replace BMW and Mercedes-Benz cars, Stellantis said.
"With the acquisition of Share Now, Stellantis' mobility subsidiary Free2move would have the opportunity to expand car sharing further in Europe and thus meet the diverse mobility needs of its customers," the two German automakers said in a statement.
BMW and Mercedes-Benz's collaboration on mobility continues with two mobility services; Free Now and Charge Now. The former enables users to book rides, while the latter helps book a charging point.
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