Volkswagen has invested 300 million euros ($465 million) in ride-sharing-service Gett.
The companies are yet to outline what joint activities the two firms will engage in once this investment has passed the necessary tests required by anti-trust authorities. According to Volkswagen, some of those details will be revealed next week.
Gett, formerly known as GetTaxi, is a competitor to Uber and, like its better-known rival, allows users to book taxis and hire cars through a smartphone app. Gett is currently available in 60 cities across four countries: the US, UK, Russia and Israel.
“Alongside our pioneering role in the automotive business, we aim to become a world-leading mobility provider by 2025. 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,” said Matthias Mueller, chairman of the Volkswagen Group.
According to Strategy 2025, the German automaker aims to generate a “substantial share of sales revenue from such new business models by 2025”.
Earlier this week, Toyota announced that it was making a strategic investment in Uber. As part of their partnership, Toyota will provide leasing services to Uber drivers, and the companies will work together on apps, trials and knowledge-sharing.