GM Saw These Key Developments in 2016

Launch of Maven

In January 2016, General Motors (GMlaunched Maven, its personal mobility car-sharing brand. The company provides residential and peer-to-peer car-sharing services through Maven. By mid-November 2016, Maven brand had expanded to 13 cities in the US market, including New York City, San Francisco, Los Angeles, and Los Angeles. The company plans to continue expanding these personal mobility services to other cities.

GM Saw These Key Developments in 2016

In a press statement released on November 17, 2016, GM stated that “more than 13,000 members have joined Maven and have traveled 28 million miles to connect to the people, places, and experiences that matter most to them.”

Partnership with Lyft

In January 2016, GM also partnered with Lyft, a US-based company that provides car-sharing services in the US. General Motors made a half-billion-dollar investment in Lyft and reserved a seat on Lyft’s board of directors.

Later, on March 15, 2016, GM and Lyft launched Express Drive, in which GM has started providing flexible and affordable weekly rental options to Lyft drivers.

This strategic alliance with Lyft is important for GM because the company has been trying to expand its presence in new business areas with high future growth potential. After realizing the potential of rapid growth in car sharing, GM became one of a few automakers to get involved in this business.

Auto giants (FXD) Ford Motor (F), Daimler (DDAIF), and Volkswagen (VLKAY) also have a presence in the car-sharing business.

In the next part, we’ll continue to look at other key 2016 highlights for GM.