Stellantis sells car-sharing unit to Mutares

Financial terms of the deal were not disclosed, but it is expected to be completed by the end of the year. Free2move provides short- and long-term car-sharing services through fleets 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," said Stellantis' head of business development and partnerships, Virgilio Cerutti. The Free2move business was originally created by Peugeot maker PSA in 2016 before its merger with Fiat Chrysler, as part of a push into mobility services beyond vehicle manufacturing.

Mutares, based in Munich, stated that the acquisition will establish a new platform in the mobility sector and that the company intends to continue developing the business, including its transition to battery-electric vehicles.