Uber rival Bolt launches car-sharing service in Europe

Bolt CEO Markus Villig


Bolt, the Estonian agency greatest recognized for its ride-hailing enterprise, introduced Tuesday that it has launched a car-sharing service in Europe because it appears to diversify its income streams.

Like ZipCar and Drivy, Bolt Drive will permit clients to hire a automobile on demand for a quick interval through the Bolt app, which can be used to hail a taxi, rent bikes and e-scooters, in addition to to order food.

Bolt mentioned it will make investments 20 million euros ($24 million) in launching Bolt Drive in Europe this yr, beginning with a pilot in the Estonian capital of Tallinn the place it’s headquartered. A spokesperson for the corporate mentioned Bolt Drive will launch in a number of different European markets this yr if the Tallinn pilot is profitable.

The pilot will characteristic 500 autos together with fashions such because the Toyota Yaris, Volkswagen Golf and Skoda Scala, in addition to greater automobiles just like the Toyota CHR, Volkswagen Troc and Skoda Kamiq. There may also be electrical automobiles just like the Volkswagen ID.3 and premium automobiles just like the Volkswagen Arteon.

Costs will fluctuate relying on the automobile that’s rented. But a Toyota Yaris, for instance, will value 0.07 euros per minute (with an hourly cap of three.90 euros) and 0.15 euros per km. That means the worth of renting a Toyota Yaris for 2 hours and driving it 10 km can be 9.30 euros. Users do not need to pay for parking or gasoline.

Markus Villig, CEO and founding father of Bolt, mentioned in an announcement that he desires individuals to surrender their very own private automobiles. “For people to switch from ownership to on-demand transport, we need to offer a more convenient, affordable and environmentally sustainable option for every distance,” mentioned Villig, who became the youngest founder of a billion-dollar company in Europe in 2019.

“We are already doing this for short and medium distance trips. Bolt Drive now covers the rest of the use cases, whether it’s a trip to a shopping mall or a weekend getaway.”

Bolt, which claims to have greater than 50 million customers throughout 40 international locations in Europe and Africa, is valued at round $2 billion. It raised 150 million euros final December in what was its greatest funding spherical thus far, and 20 million euros from the World Bank’s International Finance Corporation (IFC) final month.


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