A French regulator Autorité des marchés financiers (AMF) has given the go ahead for Volkswagen to acquire daily rental firm Europcar.
The move is part of Volkswagen’s strategy to offer new mobility packages to customers as detailed in its New Auto 2030 put forward in July this year.
Volkswagen sees development of a mobility platform as a key driver of profitability in the future.
In the offer document it said: The mobility market is currently evolving due to increasing customer demand for new and innovative on-demand mobility solutions, such as subscription and sharing models.
“The consortium believes that this trend requires providers to operate an integrated platform and offer “one fleet for all” offerings to maximize vehicle utilization and platform quality.
“In addition, urban mobility proposals based on autonomous driving technologies, such as robot cabs, will further accelerate the growth of “on-demand” mobility solutions.”
Europcar is a key player in the European car rental industry with a 27% market share. It has 3,500 rental agencies in 140 countries.
Prior to the Covid-19 crisis, the Company generated steady revenue growth partially driven by acquisitions.
Post-crisis, the company is expected to participate in the EU market recovery and should reach
2019 profit levels in 2025.
source https://d0llars.com/volkswagen-takeover-of-europcar-gets-the-go-ahead/
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