General Motors Company Starts Car Sharing Service in US, Germany (NYSE:GM)

General Motors Company (NYSE:GM) shares were higher on Thursday after the car maker said it is launching a new car sharing service called Maven. This week, Maven is expanding its services in multiple cities and communities in the U.S. and will expand to additional U.S. metropolitan areas later this year.

It said existing global initiatives include peer-to-peer car-sharing through the CarUnity market place in Germany. Nearly 10,000 users have signed up in Frankfurt and Berlin since mid-2015, GM said. It also said various programs are running on GM campuses in the U.S., Germany and China to refine and test future Maven commercial offerings. “With the launch of our car-sharing service through Maven, the strategic alliance with ride-sharing company Lyft, and building on our decades of leadership in vehicle connectivity through OnStar, we are uniquely positioned to provide the high level of personalized mobility services our customers expect today and in the future,” president Dan Ammann said in a statement. GM trades in the lower half of the 52-week range between $24.62 and $38.99.

The stock is up 0.24% or $0.07 after the news, hitting $29.49 per share. About 10.40 million shares traded hands. General Motors Company (NYSE:GM) has declined 17.38% since June 16, 2015 and is downtrending. It has underperformed by 6.08% the S&P500.

General Motors Company designs, builds, and sells cars, crossovers, trucks, and automobile parts worldwide. It operates through GM North America, GM Europe, GM International Operations, GM South America, and GM Financial segments. The company markets its vehicles primarily under the Buick, Cadillac, Chevrolet, GMC, Opel, Holden, and Vauxhall brand names, as well as under the Alpheon, Baojun, Jiefang, and Wuling brand names.

It also sells cars and trucks to dealers for consumer retail sales, as well as to fleet customers, including daily rental car companies, commercial fleet customers, leasing companies, and governments. In addition, the company offers connected safety, security and mobility solutions, and information technology services. The company, through its subsidiary, General Motors Financial Company, Inc., provides automotive financing services. General Motors Company was founded in 1897 and is based in Detroit, Michigan.

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