VW launches Moia mobility services startup

Frankfurt

VOLKSWAGEN AG, which is shifting priorities in the wake of the diesel scandal and stepping up competition against the likes of Uber Technologies Inc, plans to launch a business focused on ride-hailing, autonomous driving and electric cars in two European cities next year before expanding to other regions.

The carmaker's new mobility brand, Moia, will offer a glimpse of its first vehicle next summer and will eventually produce battery-powered, autonomous cars along with new forms of transportation including public shuttles, Ole Harms, the Volkswagen unit's head, said. The German carmaker is open to selling a minority stake in the business, which is expected to generate revenue of "a couple of billion" of euros in a few years, he said.