MILAN, July 28 (Reuters) - Stellantis has agreed to sell its Free2move car-sharing unit to German investment company Mutares, the automaker said on Tuesday, as CEO Antonio Filosa continues efforts to sharpen the group's focus on its core vehicle production.
• In May, the French-Italian automaker unveiled its long-term business plan promising more disciplined capital allocation, a stronger focus on core automotive activities, and partnerships in manufacturing and technology.
• The deal, for which financial
terms were not disclosed, is expected to close by the end of the year.
• Free2move offers short- and long-term free-floating car-sharing services through fleets across 14 cities in Europe and the United States.
• "By sharpening our focus on core automotive activities, we strengthen our capacity to deliver long-term performance," Stellantis' head of business development and partnerships, Virgilio Cerutti, said in a statement.
• Created by Peugeot maker PSA in 2016 before its merger with Fiat Chrysler, Free2move was part of former CEO Carlos Tavares' push into mobility services beyond vehicle manufacturing.
• After Stellantis was formed in 2021, the business continued to operate alongside the group's leasing and mobility activities.
• Munich-based Mutares said the acquisition would establish a new platform in the mobility sector and that it intends to continue developing the business, including its transition to battery-electric vehicles.
(Reporting by Giulio Piovaccari, editing by Gianluca SemeraroEditing by Tomasz Janowski)
