- General Motors Company (NYSE: GM) is shutting down Maven — which is the company’s car-sharing platform
General Motors Company (NYSE: GM) is shutting down Maven — which is the company’s car-sharing platform — since it failed to gain traction. According to The Verge, GM sent an email to customers saying that Maven vehicles for the public will no longer be available, effective immediately.
“After critically looking at our business, the industry, and what’s going on with COVID-19, we have made the tough but necessary decision to wind down our business,” said GM in the statement.
Maven was originally launched in 2016. The service rolled out first in Ann Arbor, Michigan and the cost was $6 per hour for renting the vehicles. From there, GM expanded Maven to 17 cities.
GM pointed out that it gained valuable insights from running the operations and this will be used for informing and developing other businesses within the company.
Plus GM is also shutting down Maven Gig, a ride-sharing service like Uber and Lyft. And GM is asking Gig customers to return their vehicles when it is safe.