Stellantis has agreed to buy the Share Now car sharing business from BMW and Mercedes-Benz as the two German groups focus more on the software part of their mobility alliance.
Formed last year through the merger of Fiat Chrysler and Peugeot maker PSA, Stellantis wants to become a global leader in car-sharing, using this acquisition to expand its existing business in the area, reports Reuters.
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.
“We think this reinforces our belief that premium OEMs like BMW and Mercedes will focus on private car ownership and less on fleet services,” Royal Bank of Canada analyst Tom Narayan told Reuters.
“Conversely, it makes sense that volume players like Stellantis are pursuing these alternative revenue streams.”
No financial details were provided for the transaction. Italian daily la Repubblica said it was worth around 100 million euros.
By selling the division, BMW and Mercedes-Benz will focus on the two remaining parts of their mobility cooperation: Free Now, an app that enables the booking of cars, taxis, e-scooters and e-bikes, and the charging infrastructure booking app Charge Now.
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 in 2025 and to 2.8 billion euros in 2030.
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.
Courtehoux added the Free2Move fleet would not turn 100% Stellantis but said “step by step we’ll have more and more Stellantis cars in it”.