Volkswagen Group sells WeShare, an electric vehicle sharing business, with no hope of profit.

CTOnews.com, Nov. 2 (Reuters)-Volkswagen sold its electric car sharing service WeShare to German startup Miles Mobility on Nov. 1 at an undisclosed price, Reuters reported.

Miles will integrate 2000 Volkswagen-branded electric vehicles from WeShare into its fuel fleet of mainly 9000 vehicles, the two companies said on Tuesday. Meanwhile, Miles has ordered more than 10,000 electric vehicles from Audi, Siat, Cupra and Volkswagen brands, which will be delivered from 2023.

Christian Dahlheim, CEO of Volkswagen Financial Services, said in an interview that Volkswagen decided to sell WeShare because the company realized that shared services would not improve profitability after 2022. Dahlheim also pointed out that the cooperation between Volkswagen and Miles Mobility is not exclusive, and Volkswagen will provide vehicles to other car-sharing platforms in the future.

According to Miles, the car-sharing service WeShare will continue as usual for the time being. In the coming weeks, WeShare vehicles and customers will be integrated into the Miles system.

Miles recently participated in an initiative in Hamburg, Germany, in which the car-sharing company reached an agreement with Share Now, Sixt and WeShare to increase the share of electric cars in its fleet to at least 80 per cent by 2023.

CTOnews.com learned that the deal represented another German carmaker abandoning its car-sharing business. BMW and Mercedes-Benz sold their joint car-sharing business Share Now to Stellantis mobile subsidiary Free2Move this summer.