Ride-sharing app Beat is withdrawing from Latin America to deal with its European operations, the corporate mentioned in a LinkedIn assertion.
The startup, which first launched in Greece in 2011 and whose homeowners included automakers BMW and Mercedes Benz, started working in Latin America in 2019.
“Resulting from a transparent strategic determination of the shareholders to deal with its core European markets, our shareholders have made the choice to cease investing within the Latin American area, the place Beat operates,” the assertion mentioned.
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The corporate had been hoping to tackle heavyweights like Uber and Didi throughout the continent with a fleet of Tesla electrical automobiles, vowing to fill the “inexperienced ride-hailing” hole. For these reluctant to pay the premium costs charged for these journeys, Beat additionally provided lower-priced typical automotive rides.
Beat, which is owned by the FREE NOW taxi group, additionally tried to tell apart itself by making a part of its driver fleet workers, slightly than self-employed employees, based on an early press assertion.
In an e mail to customers, Beat mentioned it could stop to function in Mexico, Argentina and Peru as of November 9.
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