Partnerships / Acquisitions

Daimler Continues Rideshare Investments With $85M Stakes In Car2Go

German automaker Daimler just paid €70 million ($85 million) to buy the remaining 25 percent of carsharing company Car2Go that it did not already own.

According to TechCrunch, the deal now brings Car2Go’s valuation to €280 million ($341 million).

Founded in 2008, Car2Go originated in Austin, Texas and entered into Europe through a JV with car rental company Europcar in 2011. It has around 1 million users in the North American market.

This is just the latest in a string of acquisitions and investments for Daimler. Late last year, it bought a majority stake in Chauffeur Privé, one of the leading private hire vehicle services in France. And last September, it also acquired Germany-based ridesharing company flinc.

“Over the course of the last several months, we have intensified our investments in mobility services in order to create a holistic mobility system with a broad portfolio,” said Daimler’s head of mobility services, Jörg Lamparter. “As part of this strategy, we decided to fully acquire the remaining shares in Car2Go Europe.”

Ironically, Daimler picked up its own majority shareholder earlier this week: Chinese company Geely, which owns Volvo.

Daimler is buying its Car2Go stake from Europcar, which plans to use the proceeds to boost its investments into “new mobility” services. The company revealed it will invest between €150 million and €250 million in the next few years to buy or invest in businesses that it can fully own.

“We want to thank the Daimler Group for our longstanding partnership since 2012 within Car2Go Europe,” Caroline Parot, Europcar CEO, said in a statement. “This investment has taught us a great deal about car sharing and the acquired knowledge will be most valuable to us.”

——————————–

Latest Insights: 

Our data and analytics team has developed a number of creative methodologies and frameworks that measure and benchmark the innovation that’s reshaping the payments and commerce ecosystem. The July 2019 Pay Advances: The Gig Economy’s New Normal, a PYMNTS and Mastercard collaboration, examines pay advances – full or partial payments received before an ad hoc job is completed – including how gig workers currently use them and their potential for future adoption.

TRENDING RIGHT NOW

To Top