Uber Technologies Inc. is doing some end-of-year restructuring under its new chief operating officer. The Wall Street Journal reported today that the ride-hailing company has signed an agreement to sell its Xchange Leasing subsidiary to Fair.com, the startup behind the digital auto marketplace of the same name. The anonymous insiders who leaked the acquisition didn’t share the value of the transaction. Uber originally launched Xchange Leasing about three years ago to make vehicles available for drivers who may be wish to join its ride-sharing network, but don’t have regular access to a car. The company assembled an inventory of 40,000 automobiles and set up 14 showrooms throughout the U.S. T

The Chinese government is using car-sharing – short-term car rental, usually charged by the hour – to stimulate the new energy vehicle (NEV) market and increase individual mobility efficiency. In June 2017, the central government released draft guidance for the car-sharing industry, outlining some supporting policies. The guidance specified certain requirements for car-sharing businesses, defined their role in urban mobility, and offered high-level support measures, such as parking spaces. Public transport is still insufficient in China. In 2016, there was still only 25 metres of subway in Shanghai per thousand people – about half of that in London. And private vehicle ownership was only aro

Carmakers are launching rental services even as peer-to-peer car lending platforms gain traction Once every teenagers’ dream was to have their own car. Now they have an app for that. Volvo, Cadillac and Porsche are among brands that have launched subscription deals this year, as the industry dips its toe in the water of a world of selling services rather than cars. As car ownership begins to wane in some major cities, manufacturers are experimenting with ways of providing transport ranging from car-sharing schemes to on-demand booking through smartphone apps. “We’re making the change from selling cars to selling mobility,” says Alain Visser, chief executive of Lynk & Co, a new brand co-owned

Headquartered in Tokyo, it will look at new customer needs Toyota Motor Corporation on Thursday made known its intent to merge its wholly-owned subsidiary, Toyota Fleet Leasing Co, with another second-tier arm, Toyota Tokyo Rental & Leasing Co. The new entity, Toyota Mobility Service Co, will become a reality on April 1, 2018. Apart from aiming to strengthen the existing corporate automobile leasing and rental car businesses, Toyota intends to plan and provide new mobility services ‘in anticipation of a mobility society’. The company said that they are ‘aware of customers’ diversifying needs’, which not only includes conventional vehicle ownership but also the growing need for shared utilisa

A fleet of 500 all-electric Renault Zoe will be arriving in Madrid this month in a car-share scheme to cut pollution in the city. This new car-sharing scheme covers a wide area of the Spanish capital, with vehicles provided to customers in the right place at the right time via an efficient smartphone application. Madrid reportedly has the “highest rate of daily car-sharing in Europe” due to the city’s size, population, traffic problems and air pollution issues. The scheme arose when Madrid’s ‘hyper-centre’ announced it would permanently ban internal combustion engine vehicles in June 2018, leading to Renault and Ferrovial signing an agreement in August. The car-share Zoe’s will benefit from

The service, named e-share mobi, will start in 15 January 2018, and will initially feature the all-new electric Nissan Leaf and the Nissan Note e-Power. YOKOHAMA: Nissan is planning to introduce a car-sharing service in Japan enabling users to experience the company’s advanced technologies in vehicle electrification and intelligence, as part of its Nissan Intelligent Mobility initiative. The service, named e-share mobi, will begin in 15 January 2018, and will initially feature the all-new electric Nissan Leaf and the Nissan Note e-Power. Member enrollment will start on 8 December 2017. The innovative service will let users across Japan experience Nissan’s autonomous driving technologies

John Zimmer, President, Lyft Interview Investors are sinking more money into ride-hailing services company Lyft as the startup captures more market share from rival Uber and pursues autonomous driving. The startup announced Tuesday its recent round of funding has increased from $1 billion of new capital to $1.5 billion. The additional $500 million in financing included participation from new investors Fidelity Management & Research Company and Ontario Teachers’ Pension Plan. AllianceBernstein, Baillie Gifford, KKR, Janus Henderson Investors, and Rakuten—all of which have invested in Lyft before—also joined this expanded round. CapitalG led the initial round of $1 billion. Lyft’s post-money v

Hyundai Motor is expanding its car-sharing venture to tap into the promising industry, by announcing a collaboration with a local ride sharing startup Luxi on Tuesday. Hyundai Motor has invested some 5 billion won ($4.6 million) in Luxi this August and plans to work together on developing carpooling algorithm and platform in search for new business opportunities. The project is undertaken by the firm’s future research and development project called Project Ioniq. Two years into business, Luxi has 200,000 registered cars and 780,000 members. It has made some 4 million trips. Hyundai joins moves by other global automakers such as BMW, Mercedes-Benz, GM and Volkswagen that have already st

Car2go is adding Mercedes-Benz CLAs to its New York fleet. The Daimler-owned car-sharing service is pushing to capitalize on its fastest growing North American market. Car2go is the world's largest car-sharing service by both members and vehicles. In a push to capitalize on its fastest growing North American market, Daimler-owned car-sharing service car2go just added Mercedes-Benz CLAs to its New York City fleet. Twenty new CLAs are joining car2go's tiny 550 smart fourtwo vehicles in the Big Apple, its second-largest market. Car2go grew by 70 percent year over year in the city, where it has operated for three years. "Transitioning to Mercedes-Benz in previous cities has gone very well, as th

Today, the BMW Group, in partnership with EVCARD, a Shanghai-based electric car-sharing company under Global Car-Sharing & Rental Co. Ltd., launches its car-sharing service in Chengdu under the co-brand “ReachNow Powered By EVCARD”. The mobility service based in the capital city of Southwest China’s Sichuan province will offer station-based premium electric car-sharing. The debut of ReachNow in Asia marks the BMW Group’s first mobility service offering in the Chinese market, aiming to provide new and innovative individual mobility solutions to Chinese customers at the price of 2 RMB per minute with 100 units of pure electric BMW i3 to be in operation. Dr. Bernhard Blättel, Vice President Mob

After houses, cars are among the most expensive purchases people make. A number of carmakers and retailers are trying to make it one of the least by turning car ownership into a subscription. Volvo is the latest to join Ford, Cadillac, and Porsche to offer a a monthly subscription car service. On Nov. 29 at the LA Auto Show, Volvo announced a XC40 crossover SUV that can be had for $600 a month, reports Endgadget. The monthly fee under the “Care by Volvo” program includes the car, maintenance, insurance, and concierge service with no commitment to renew beyond 30 days. Compared to a lease, subscription services tend to be much shorter in duration (days or weeks), offer the ability to swap out