FRANKFURT, (Reuters) – BMW & Mercedes-Benz have sold their Share Now car-sharing venture to Stellantis, the companies announced Tuesday. Instead, they are focusing their attention on their more promising mobility software alliance.

Share Now announced the sale in the wake of its withdrawal from North American car-sharing markets in 2019. This was due to rising maintenance costs as well as what they called the “volatile state” global mobility landscape.

It is a reflection of the problems the auto industry has to find new revenues, besides selling cars.

Late 2020 saw speculation that BMW chief executive Oliver Zipse would reorganize the mobility services alliance. Zipse suggested new partners, or even a sale.

Stellantis will in turn increase its Mobility Division Free2move through the deal. This is in hopes that a global push for reducing emissions will drive car-sharing demand and create new revenue streams.

Stellantis will be able to take advantage of this acquisition, which was created just over one year ago by the merger between Fiat Chrysler, Peugeot (OTC) maker PSA), and increase its status as a global leader in shared mobility.

Share Now has approximately 11,000 vehicles and 3.4 million customers.

BMW and Mercedes-Benz have sold the business division and will now focus their attention on the remaining two parts of their mobility collaboration: Free Now which allows you to book taxis, cars and e-scooters as well the charging infrastructure booking application Charge Now.

Rainer Feurer from BMW Corporate Investments, stated that the new direction allows them to grow their activities more quickly and achieve greater profitability in the shortest time possible.