Stellantis Divests Free2move Car-Sharing to Mutares, Refocuses on Core Activities
Stellantis Sells Free2move to Mutares Amid Strategic Refocus
MILAN, July 28 (Reuters) - Stellantis has agreed to sell its Free2move car-sharing unit to German investment company Mutares, the automaker said on Tuesday, as CEO Antonio Filosa continues efforts to sharpen the group's focus on its core vehicle production.
Background and Strategic Shift
• In May, the French-Italian automaker unveiled its long-term business plan promising more disciplined capital allocation, a stronger focus on core automotive activities, and partnerships in manufacturing and technology.
Deal Details and Timeline
• The deal, for which financial terms were not disclosed, is expected to close by the end of the year.
About Free2move
• Free2move offers short- and long-term free-floating car-sharing services through fleets across 14 cities in Europe and the United States.
Statements from Stellantis
Focus on Core Automotive Activities
• "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.
History of Free2move
Origins and Evolution
• Created by Peugeot maker PSA in 2016 before its merger with Fiat Chrysler, Free2move was part of former CEO Carlos Tavares' push into mobility services beyond vehicle manufacturing.
• After Stellantis was formed in 2021, the business continued to operate alongside the group's leasing and mobility activities.
Mutares’ Plans for Free2move
Expansion and Electrification
• Munich-based Mutares said the acquisition would establish a new platform in the mobility sector and that it intends to continue developing the business, including its transition to battery-electric vehicles.
(Reporting by Giulio Piovaccari, editing by Gianluca SemeraroEditing by Tomasz Janowski)