AUTO INDUSTRY NEWS

Volkswagen invests $300M in Uber-rival Gett

Volkswagen invests $300M in Uber-rival Gett image

Text: Aurick Go / Photos: | posted May 26, 2016 13:01

London-based rideshare company operates in over 60 cities

With the sudden rise in use of ride-sharing apps such as Uber Lyft, Grab, and the like. Carmakers are scrambling to work closely with these businesses to take a slice of the pie. Volkswagen (VW) has just announced a sizeable investment in London-based Gett.

 Their strategic investment nets a total worth of $300 million, which positions VW as Gett’s official vehicle in over 60 cities around the globe. While Gett doesn’t sound like a familiar name in ride-sharing circles they were formally known as GetTaxi, a name that would perhaps ring a few bells.

Gett distinguishes themselves by positioning their app to directly compete with Uber. For example, gimmicks such as hosting a 'surgesucks' site that will allow users to get free rides when they get overcharged by Uber give users more incentive to use the app.

This move follows just after Toyota announced a 'strategic partnership' with Uber. In January of this year, GM invested $500 million in Lyft for future self-driving ride-sharing services. Apple also announced that they will be investing $1 billion in Chinese rideshare giant Didi Chuxing likely to partner with their self-driving car. Google just opened up their Waze 'Carpool' option in the Bay Area last week for pilot testing.

Expect more partnerships and innovations to come as technology further changes mobility and the way people use cars.