Europcar Sells Stake In Car2Go Europe

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18/04/2018 18:00 | Car & Automotive

Europcar has just signed a deal to sell its 25% share in car2go Europe for €70million.

Europcar Group has made the decision to sell its 25% share in car2go Europe, the car sharing organisation. Sold to Daimler Mobility Services for €70million, it will give Europcar the means to invest in other ventures as it seeks to expand its offering and franchise. The full transaction is expected to be completed by the end of quarter two, in June.

As Europcar owns a number of transport companies, including Ubeeqo, BlueMove and Brunel, the share in the car sharing firm, car2go has given it insights into this new world of transport.

Caroline Parot, Europcar Group’s CEO, explains, “This investment has taught us a great deal about car sharing and the acquired knowledge will be most valuable to us as we continue to expand our fully owned companies such as Ubeeqo, BlueMove or Brunel in the New Mobility space”.

She continues, “as mentioned during our recent investor day, the Europcar Group will significantly expand its exposure to New Mobility segments, such as car sharing, ride hailing, multimodal platforms and carpooling”.

These new ventures are a key focus for Europcar as it aims to stay relevant and at the forefront of innovation in the transport industry. This news comes as Europcar’s new fleet director, Bon Maclachlan, announces plans to invest in hybrid and EV technology to power more of its cars to hire.

It is clear that Europcar’s mission is to stay ahead of the market by keeping up with the everchanging landscape of the industry.

Parot explains this further, stating, “our aim is to address better new customer needs and continue to leverage the Group’s key assets, namely its fleet management capabilities and its diversified customer reach, to position the Group successfully in the mobility ecosystem”. She goes on to state that the long-term goal is to gain double-digit growth opportunities by 2025.

Europcar’s aim is to be more than a car hire franchise. It is seeking multiple ways to avoid car ownership through a range of ventures, including car rentals, chauffeur services, car sharing and many more.

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