(Finance) – Free2movebrand of Stellantis which offers car sharing and rental services, has signed an agreement for the acquisition of the car sharing company Share Nowa joint venture established in 2019 by BMW Group and Mercedes-Benz Mobility. The objective of the operation, of which no financial details have been disclosed, is to strengthen Free2move’s position as main player in global mobilityadding 14 major European cities with more than 10,000 cars to Free2move’s 2,500-vehicle car sharing fleet.
Free2move has today 2 million users, 450,000 rental vehicles, 500,000 parking spaces, 250,000 charging points in Europe. The company recently announced the acquisition of Opel Rent, accelerating its growth strategy in Germany and Austria and pushing the transition from rental to mobility provider. Meanwhile, it has accelerated its car sharing expansion in the United States.
“The integration of Share Now’s strong positioning in major European cities will allow our customers to have access to a wider range of services to meet their different mobility needs – said Brigitte Courtehoux, CEO of Free2move – It is equally important that this acquisition accelerates our growth in terms of profit. We are now closer to reaching our goal of expanding Free2move’s presence around the world, reaching 15 million active users by 2030. “
The sale of the company by BMW e Mercedes-Benz follows Share Now’s exit from the North American car sharing market in 2019 in response to high maintenance costs and what companies at the time described as the “volatile state of the global mobility landscape”.
With the sale of the company, the two German groups will focus on the two remaining parts of their mobility cooperation: Free Nowan app that allows you to book cars, taxis, electric scooters and e-bikes, and the charging infrastructure booking app Charge Now. “The new orientation allows us to scale our businesses faster and thus achieve further profitable growth in the shortest time possible,” said Rainer Feurer, Head of Corporate Investments at BMW.