MEXICO CITY (Reuters) – Ride-sharing app Beat is pulling out of Latin America to focus on its European operations, the company said in a LinkedIn statement on Tuesday.
The startup, which was first launched in Greece in 2011 and whose owners included automakers BMW and Mercedes Benz, started operations in Latin America in 2019.
“Due to a clear strategic decision by shareholders to focus on their key European markets, our shareholders have made the decision to stop investing in the Latin America region, where Beat operates,” the statement said.
The company had hoped to tackle heavyweights like Uber and Didi across the continent with a fleet of Tesla electric vehicles, pledging to fill the “green ride-hailing” gap. For those reluctant to pay the premium prices for those trips, Beat also offered cheaper conventional car rides.
Beat, which is owned by the taxi group FREE NOW, also sought to differentiate itself by making some of its driver fleet employees rather than self-employed, an early press statement said.
In an email to users, Beat said it would no longer be active in Mexico, Argentina and Peru as of Nov. 9.
(Reporting by Isabel Woodford; editing by Christian Plumb)