Stellantis has reached an agreement to sell its entire stake in the car-sharing division Free2move to Mutares, a German private equity firm.
Free2move, founded in 2016, runs short- and long-term free-floating fleets in 14 cities spanning Europe and the US.
According to the press statement, this footprint makes it one of the more "geographically diversified" operators in the car-sharing sector.
The divestment fits within Stellantis' broader FaSTLAne 2030 strategy, under which the carmaker has said it takes a disciplined stance on capital allocation, channelling investment into the regions, brands and technologies it expects will deliver the strongest returns.
For Mutares, the deal marks its entry into a new platform within the mobility sector.
The firm intends to overhaul management of the unit's international fleet, push forward the shift to battery-electric vehicles, and place greater emphasis on customer experience alongside the urban mobility requirements of municipal authorities.
Mutares CIO Johannes Laumann said: “Together with the management team, we look forward to strengthening Free2move’s operating model and further developing the company into an independent leading platform in the mobility sector.”
Finalisation of the arrangement with Mutares is anticipated by year-end, subject to regulatory clearances and other customary conditions.
Stellantis introduced its €60bn ($68.37bn) strategic plan in May.
Stellantis CEO Antonio Filosa has been steering a turnaround strategy aimed at reversing the company's declining market share across the US and Europe, while also countering intensifying competition from Chinese manufacturers in both European and developing markets.
On the latest deal, Stellantis business development & partnerships head Virgilio Cerutti added: “By sharpening our focus on core automotive activities, we strengthen our capacity to deliver long-term performance.”
Also in May, Stellantis revealed its E-Car project, targeting small, affordable vehicles, with the first models due to enter production in 2028.
Stellantis said the “E” in E-Car represents European, Emotion, Electric and Environmental friendliness.
