PARIS -- Free2Move, the mobility service business developed by PSA Group, now has the capacity to start to court outside investors, CEO Brigitte Courtehoux said.
Created as a brand in 2016, the business became a fully fledged legal entity within PSA Group last week. It offers a range of services, which include taxi rides and parking as well as long-term and short-term rentals, also known as car-sharing.
The new status grants Free2Move greater autonomy to develop its own apps and opens the way to seek new investors.
"It remains completely open," Courtehoux said in an interview. "It's one of the possibilities, but we aren't there yet."
"We're really in stage one: profitable growth and pulling it all together."
Free2Move's car-sharing service competes with companies such as French start-up Drivy; Share Now, jointly controlled by Daimler and BMW; Renault's Zity; and Europcar's Ubeeqo, in what has become an increasingly crowded and fast-evolving landscape.
It also competes with taxi app Uber and U.S. car-sharing company Zipcar. Free2Move employs 150 tech experts specializing in data, design and e-commerce.
The company's first-half revenues grew by 23 percent, Courtehoux said, in spite of the novel coronavirus outbreak that led to the suspension of its car-sharing service in Paris and Madrid.
Courtehoux declined to provide specific financial figures but Free2Move's sales remain tiny compared with the ones generated by PSA's main car brands, Peugeot, Opel and Citroen. PSA had set a goal for the service of 300 million euros in revenues by the end of 2021.
The COVID-19 crisis led Free2Move to postpone to 2021 plans to extend its car-sharing network, which also includes Washington, DC, and Lisbon, to a large European city, which it would not identify.
Fiat Chrysler Automobiles, with which PSA hopes to merge in the first half of 2021, has its own rental and car mobility entity, Leasys.
"We're very complementary, we have a very common vision of what we want to do in the world of mobility," Courtehoux said, without elaborating.