Ford sells monthly vehicle subscription service to Fair

📆 9/12/2019 6:52 PM
📰 CNBC

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The acquisition marks healthy growth for Fair, but a retreat from another emerging mobility business for Ford as it cuts costs under an $11 billion restructuring plan through 2022.

Vehicle subscription startup Fair has agreed to acquire the assets of Ford Motor's vehicle subscription service, Canvas, for an undisclosed amount.

A customer views cars on display in a showroom of the Avilon dealership owned by the Ford Motor Company in Moscow. Anton Novoderezhkin/TASS Santa Monica, Calif., start-up company Fair has agreed to acquiremonthly vehicle subscription service, Canvas, for an undisclosed amount, the companies said Thursday.

Fair gained notoriety for attracting investments from high-profile companies such as SoftBank and partnering with Uber to provide vehicles for their drivers starting at $130 a week.

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