Stellantis to sell Free2move car-sharing business to Mutares

(Sharecast News) - French-Italian car company Stellantis said on Tuesday that it has agreed to sell its Free2move car-sharing business to German investment firm Mutares for an undisclosed sum. Stellantis - which was formed in 2021 through the merger of Fiat Chrysler Automobiles and the PSA Group - said the deal aligns with the strategy set out in its FaSTLAne 2030 plan.

"By sharpening our focus on core automotive activities, we strengthen our capacity to deliver long-term performance," said Virgilio Cerutti, head of business development & partnerships at Stellantis. "We are committed to working closely with all stakeholders to support a smooth transition process for customers, partners, and employees."

Mutares chief investment officer Johannes Laumann said: "Free2move's car-sharing business combines a strong, internationally recognised brand with clear potential for operational improvement following an intended carve-out from Stellantis.

"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."

The deal is expected to close by the end of this year.