General Motors has decided to shut its Maven car sharing business, with the coronavirus crisis the final straw for the idea.
Business Insider reports that Maven had been under stress since last year, when it cut the number of cities it operated in, leaving large markets such as Boston and Chicago. It lost its CEO a year ago.
GM Vice President Pamela Fletcher says the company gained valuable experience of operating its own business during the four years of operation. “Our learnings and developments from Maven will go on to benefit and accelerate the growth of other areas of GM business,” she said.
Other sharing businesses such as Uber and Lyft have taken a hit during the crisis but are not thought to be at any long-term risk.