Stellantis (NYSE:STLA) has reached an agreement to sell its Free2move car-sharing business to German investment firm Mutares, as Chief Executive Antonio Filosa continues to streamline the group’s operations and concentrate on its core automotive business.
The transaction, whose financial terms have not been disclosed, is expected to be completed before the end of the year.
The sale follows the strategic plan unveiled by the French-Italian carmaker in May, which outlined a stronger emphasis on disciplined capital allocation, core vehicle manufacturing and expanded partnerships across production and technology.
Free2move provides both short- and long-term free-floating car-sharing services through vehicle fleets operating in 14 cities across 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.
Originally launched by Peugeot owner PSA in 2016 before its merger with Fiat Chrysler, Free2move formed part of former Chief Executive Carlos Tavares’ strategy to expand into mobility services beyond traditional vehicle manufacturing.
Following the creation of Stellantis in 2021, the business continued to operate alongside the group’s leasing and wider mobility operations.
Munich-based Mutares said the acquisition will create a new platform within its mobility portfolio and that it intends to continue expanding the business, including accelerating its transition towards battery-electric vehicles.
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