Groupe PSA, a French car manufacturer that owns Peugeot and Citroen, recently announced its minority share acquisition of Communauto, a car sharing service. What's the reason behind this move?
According to Autoblog, Groupe PSA made the acquisition along with Montreal bank MacKinnon, Bennett & Co. This move will help the car-sharing service accelerate its growth to international markets and also develop more electric-powered fleets.
Groupe PSA is a global leader in terms of least CO2 emissions. In 2015, the company has average emissions 104.4 grams of CO2 per kilometre in 2015. It's also one of the pioneers of autonomous and connected cars.
Communauto was founded in 1994 in Quebec. It's car-sharing service offer 100% electric-powered fleet. The company currently Canada operates in Canadian cities and in Paris, France.
"This strategic alliance gives us direct access to both a global carmaker and a major player in the financing of renewable energies and urban infrastructure," said Benoît Robert, Communauto founder and CEO.
"This combination of our know-how with financial backing and a manufacturing base will finally give us the means we need to achieve our ambitions."
For Groupe PSA's part, the company can benefit from the acquisition by making a comeback to the North American market through the car-sharing service. The company's president made an announcement earlier this year that the company would try to return to North America, and this acquisition seems to be its fist move towards that goal.
"Driven by changing user practices and consumer behaviours, the mobility revolution is transforming our ecosystem, and Communauto's strategy is aimed directly at this paradigm shift," Brigitte Courtehoux enior Vice-President of the Connected Services and New Mobility Solutions business unit for the PSA Groupe said as quoted from BusinessWire.
"We are now in a position to offer a full range of mobility services and solutions that suit every need."