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PSA Peugeot Citroën to Invest in Communauto

European car manufacturer Groupe PSA, whose brands notably include Citroën and Peugeot, has just announced it will acquire a minority share in the Communauto car-sharing enterprise, in association with Montreal-based investment firm MacKinnon, Bennett & Co. (MKB). This move will allow Quebec-based Communauto to accelerate its growth in international markets and deploy its electrification strategy for its fleet of cars, in addition to consolidating its position as a market leader in North America. The 22-year-old company is now present in seven Canadian cities as well as in Paris. 

For its part, Groupe PSA aims by this investment to be in a position to offer a mobility service to its clients, and make renewed headway into the North American market from which it has long been absent. 

Said Benoît Robert, founder and CEO of Communauto, "This strategic alliance gives us direct access to both a global carmaker and a major player in the financing of renewable energies and urban infrastructure. This combination of our know-how with financial backing and a manufacturing base will finally give us the means we need to achieve our ambitions."