Volkswagen today announced that it’s launching a new brand called Moia to focus on the future of mobility which includes electric cars, autonomous cars, and ride-sharing services. Moia is Volkswagen’s 13th brand and it’s initially going to focus on car-sharing and ride-sharing services which will be rolled out in two cities in Europe next year before being expanded to other markets across the globe. Moia’s first electric car which may also be capable of driving itself is expected to be ready before 2021.
Ole Harms, the head of Moia, told reporters earlier today that the new unit aims to become one of the three biggest mobility providers in the world and bring in “a couple of billion” euro in revenue. Volkswagen has invested money in the “significant three-digit million-euro range” in Moia but the company is open to selling a minority stake in Moia.
Volkswagen hasn’t had a particularly good year. The company is nursing the wounds from the diesel emissions scandal that has cost it billions of dollars and has also hurt its credibility considerably.
The German auto giant is counting on the future of mobility to provide growth avenues down the road. As ride-hailing and car-sharing services are expected to grow in popularity, “Even though not everyone will still own a car in future, Moia can help make everyone a customer of our company in some way or another,” says Volkswagen Group CEO Matthias Mueller.