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VW Invests $300 Million in Taxi-Hailing Startup

Volkswagen AG has invested $300 million into Israel-based Gett (formerly GetTaxi), a five-year-old company that offers delivery, corporate transportation and taxi-hailing services.
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Volkswagen AG has invested $300 million into Israel-based Gett (formerly GetTaxi), a five-year-old company that offers delivery, corporate transportation and taxi-hailing services.

VW and Gett are forming a strategic partnership that will provide Gett drivers with discounts on Volkswagen vehicles they use on the job. VW CEO Matthias Mueller told reporters a month ago the company was in advanced discussions with several companies about partnerships.

Gett operates more than 50,000 taxies in 60 cities and has major offices in Israel, Russia, the U.K. and the U.S. The company’s web site says it had secured $520 million in funding before the VW investment. Gett aims to raise $2 billion.

VW says it aims to generate a “substantial share” of sales revenue from advanced mobility options by 2025.

The company’s interest in Gett mirrors the strategy at General Motors Co. to establish a presence in the ride-hailing industry. In January GM acquired the assets of defunct ride-hailing startup Sidecar Technologies Inc., invested $500 million in ride-share provider Lyft Inc. and has launched its own car-sharing service under the Maven brand.

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