Volkswagen Divests WeShare Business To MILES Mobility - Volkswagen (OTC:VWAGY)

Volkswagen AG VWAGY reported the sale of its carsharing service, WeShare, to Berlin based car sharing company MILES Mobility. Both parties have agreed not to disclose the purchase price.
MILES Mobility has acquired UMI Urban Mobility International GmbH from Volkswagen Passenger Cars and, with it, the WeShare car-sharing business and will integrate it into its existing portfolio.
Under the new partnership, MILES has ordered more than 10,000 all-electric vehicles from the Audi, Seat/Cupra and Volkswagen Passenger Cars brands. The electric vehicles are scheduled to be delivered from 2023.
WeShare currently operates around 2,000 all-electric Volkswagen ID.3 and ID.4 vehicles at its Berlin and Hamburg locations.
The present MILES fleet consists of more than 9,000 vehicles, around 70% of which are supplied by the Volkswagen Group.
“With a strong partner to operate the fleet and with vehicles from various Volkswagen Group brands, car sharing will become available to an even broader spectrum of customers,” said Christian Dahlheim, Chairman of the Board of Volkswagen Financial Services AG.
Also Read: Volkswagen Expects Supply Crisis, Higher Costs To Persist; Make Significant Investments In Mexico
Price Action: VWAGY shares closed higher by 0.70% at $17.21 on Tuesday.
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