Ford To Buy Chariot Shuttle Service Startup And Take It Global

By Jeremy C. Owens Markets MarketWatch Pulse

Ford Motor Co. is increasing a push to get people to use other modes of transportation beside their private cars with a shuttle service. The automaker announced at a news conference in S.F. on Friday that subsidiary Ford Mobility LLC is acquiring Chariot, a startup that provides private shuttle service, and will expand the Bay Area offering to five additional markets within 18 months. In a news release, Ford said Chariot "will serve as the cornerstone for (Ford's) new global shuttle service business." Ford also said it would contribute to an expansion of bike-sharing in cities around the Bay Area, similar to Citibank's sponsorship of New York City's bike-sharing program, with Ford GoBike. Ford did not disclose the price it paid for Chariot nor how much it was contributing toward bike-sharing. Ford shares were down about 1.5% in Friday trading, mirroring declines for the overall market - the S&P 500 was also down 1.5% Friday.

Continue Reading Below

Copyright © 2016 MarketWatch, Inc.