VW Invests in Ride-Hailing App Gett
May 27, 2016—Volkswagen announced Thursday that it has made a strategic investment in Gett, a global provider of ride-hailing services.
“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,” Gett founder and CEO Shahar Waiser said.
Volkswagen’s $300 million investment is part of a plan to invest in more digitally integrated mobility services of different kinds. VW says ride-hailing provides the largest opportunity for growth in new business models, which will help it reach its goal to generate a substantial share of sales revenue for new business models by 2025.
“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. “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.”
The strategic investment will allow for a focus on collaborative development between the companies. Ultimately, VW says it will be a foundation for an on-demand autonomous car operation.