Stellantis has offloaded one of its many brands, though its not one of 14 major nameplates the company owns.
The international auto conglomerate is selling Free2Move, a car-sharing business with fleet presence in 14 cities and rental operations at a slew of U.S. airports. In Europe, Free2Move is essentially a self-service version of a ridesharing service such as Uber — using an app, people can pay for and then drive vehicles themselves for errands or road trips. In the U.S., Free2Move operates more similarly to traditional rental car services, though vehicle sharing is available in Washington, DC.
Mutares, a German private equity firm, has purchased Free2Move. Stellantis said in a news release it expects to conclude the transaction by the end
of 2026.
The offloading of the ride-sharing service is a part of the automaker's new strategic plan to make Stellantis a leaner, more profitable company. In May, the automaker unveiled its overhaul of strategy in Auburn Hills and said it would further emphasize spending discipline. Stellantis also owns Leasys, a European long-term rental and fleet management agency.
The automaker said in a news release that by offloading Free2Move, it can focus on the company's primary goal: Building and selling automobiles.
"By sharpening our focus on core automotive activities, we strengthen our capacity to deliver long-term performance," said Virgilio Cerutti, Stellantis' Head of Business Development & Partnerships.
Stellantis' new plan, dubbed "FaSTLAne 2030," outlines how the automaker will return to profitability by emphasizing investment and development of the crown jewels of its portfolio — Ram, Jeep, Fiat and Peugeot — while the rest of the automaker's nameplates, like Chrysler, Dodge or Alfa Romeo, will take a back seat.
Liam Rappleye covers Stellantis and the UAW for the Detroit Free Press. Contact him: LRappleye@freepress.com.
This article originally appeared on Detroit Free Press: Stellantis sells stake in one of its brands to focus on core business
