Volkswagen has invested $300 million in taxi hailing app firm Gett Taxi.
The deal is part of Volkswagen Group’s plan to generate a substantial share of revenue from new business models focused on mobility services.
It follows the $500 million investment made by General Motors into ride-hailing app Lyft.
“Alongside our pioneering role in the automotive business, we aim to become a world leading mobility provider by 2025,” says Matthias Müller, chairman of the board of management of Volkswagen Aktiengesellschaft.
“Within the framework of our future Strategy 2025, the partnership with Gett marks the first milestone for the Volkswagen Group on the road to providing integrated mobility solutions that spotlight our customers and their mobility needs.”
Gett is available in more than 60 cities worldwide, including London, Moscow and NYC and has raised more than $520 million in venture funding.
Shahar Waiser, Gett’s founder and CEO said: “The Volkswagen Group and Gett is a great strategic partnership. The pay-per-ride domain is growing rapidly. In that context, Gett provides VW with the technology to expand beyond car ownership to on-demand mobility for consumers and businesses.”