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This French Auto Giant Is Launching a Car-Sharing Service in Los Angeles

September 12, 2016, 6:52 PM UTC
Citroen Unveil New Version C3 Automobile
The new Citroen C3 automobile, manufactured by PSA Peugeot Citroen, is unveiled in Lyon, France, on Wednesday, June 29, 2016. The biggest test of Citroen's revival will be a new version of the C3 hatchback, traditionally the brand's top-selling model. Photographer: Balint Porneczi/Bloomberg via Getty Images
Balint Porneczi — Bloomberg via Getty Images

France’s PSA will launch car-sharing services in Los Angeles in partnership with Bollore Group, CEO Carlos Tavares said on Monday, as the maker of Peugeot, Citroen, and DS cars steps up its diversification strategy.

PSA is investing in start-ups and expanding in areas ranging from vehicle leasing to parts distribution as part of its turnaround plan after the brush with bankruptcy that led to Tavares’s appointment in 2014.

“We’re working with a good number of cities, including LA, to offer car-sharing solutions with Bollore Group,” Tavares said at a seminar organized by business daily Les Echos, adding that the company had “other discussions in progress”.

Tavares also said that PSA aims to generate 300 million euros ($337 million) in revenue from its new mobility services division by 2021.

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PSA announced its partnership with Bollore last year. The French conglomerate already supplies electric car-sharing services in Paris and other cities and had previously flagged Los Angeles as a potential location.