Car2go to Exit Some North American Markets

Date : 09/28/2019 @ 1:16AM
Source : Dow Jones News
Stock : Bayerische Motoren Werke AG (BMW)
Quote : 44.75  -0.115 (-0.26%) @ 4:35PM
Bayerische Motoren Werke share price Chart

Car2go to Exit Some North American Markets

Bayerische Motoren Werke (XE:BMW)
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1 Year : From Apr 2019 to Apr 2020

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By Josh Beckerman

 

Car2go, which became part of a Daimler AG's (DAI.XE) and BMW AG's (BMW.XE) joint venture called Share Now earlier this year, will exit certain North American markets.

The car-sharing service said it "underestimated the investment and resources" needed to become successful in these areas "amid a quickly-changing mobility landscape."

Car2go will exit Austin, Texas, Calgary, Denver and Portland on Oct. 31, and Chicago on Dec. 31. It is focusing on markets with the "clearest path" to success: New York, Washington, D.C., Montreal, Vancouver and Seattle.

 

Write to Josh Beckerman at josh.beckerman@wsj.com

 

(END) Dow Jones Newswires

September 27, 2019 20:01 ET (00:01 GMT)

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