Peugeot and Jeep maker, Stellantis, buys car-sharing business from BMW and Mercedes-Benz

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Stellantis wants to tap new sources of revenues beyond selling vehicles, they want to dip their toes further into the mobility services. In line with this, the company has acquired Share Now, a mobility service founded in 2019 as a joint venture between BMW and Mercedes-Benz.

Stellantis owns major car brands such as Chrysler, Dodge, Fiat, Ram as well as Peugeot, Jeep and many others. They have a division for car rental services called Free2move where Share Now will fall into. 

The Share Now platform runs in Europe and North America, it enables customers to book and use car rentals from their smartphones, with the vehicles traditionally supplied by the backing manufacturer.

According to Stellantis, 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. 

Financial details of the acquisition were not disclosed, however, Italian daily la Repubblica said it was worth around 100 million euros ($105 million). 

Brigitte Courtehoux, head of Stellantis Free2move division, said the deal was part of the automakers plans to grow net revenues of the ride sharing business to 700 million euros in 2025 and accelerate to 2.8 billion euros in 2030.

“Equally important, this acquisition will also accelerate our profitable growth. We are now a step closer to achieving our goal of expanding Free2move’s worldwide presence to 15 million active users by 2030.” she added. 

Mercedes Benz and its German counterpart BMW have sold the business to focus on private car ownership and on the software part of their mobility alliance. The two automakers also cooperate on two other mobility services, they include, Free Now, an app that enables the booking of cars, taxis, e-scooters and e-bikes, and the second one being a charging infrastructure booking app called Charge Now