Saudi Arabia Car Rental And Leasing News

Related Automotive Services Industry News

• December 2023: The US International Development Finance Corporation (DFC) and IDB Invest announced that they were co-investing a combined USD 23 million in equity in micro-mobility platform Tembici to support the expansion of bicycle-sharing services in Latin America.
• March 2023: MYBYK launched two electric bicycle variants, named MYBYK Electric and MYBYK Electric Cargo. The MYBYK Electric model caters to both citizens and tourists, offering a solution for convenient first and last-mile connectivity. The MYBYK Electric Cargo model aims to address the last-mile delivery challenges faced by gig workers.
• March 2023: Brighton and Hove announced plans to launch a bike-sharing scheme with Beryl. About 75 e-bikes and 19 parking bays will be made available to the general public across the Bright and Hove areas.

• May 2024: MG Motor India and Hindustan Petroleum Corporation Ltd. (HPCL) entered into a strategic alliance aimed at advancing India's EV charging network. This collaboration will see MG and HPCL jointly deploying 50kW/60kW DC fast chargers at strategic locations, including key highways and urban centers across the country.
• March 2024: Tata Motors' electric division (TPEM) has formalized an MoU with Hindustan Petroleum Corporation Ltd (HPCL) to broaden the network of public EV charging stations across India. Through this partnership, TPEM and HPCL will utilize HPCL's fuel station network to install chargers in high-traffic areas frequented by Tata EV owners. HPCL will collect data on charger usage to enhance the customer experience for EV users.
• June 2023: Stellantis introduced Free2move Charge, a comprehensive ecosystem that provides seamless charging and energy management solutions for electric vehicle (EV) customers. This holistic approach caters to EV needs across various scenarios, including home charging, business charging, and on-the-go charging. The initiative is overseen by the newly established Stellantis Charging & Energy Business Unit, emphasizing Stellantis’s commitment to supporting the growing EV market.
• June 2023: Circontrol, a prominent provider of electric vehicle charging solutions, introduced the Genion One, an innovative device that empowers electric vehicle drivers to minimize their carbon footprint. This cutting-edge solution enables users to charge their EVs exclusively with 100% green energy harnessed from their photovoltaic panels. The Genin One offers three distinct charging modes: Just Green, Smart Mix, and Boost Mode.
• June 2023: EVBox, a prominent provider of electric vehicle (EV) charging solutions, unveiled its most robust charging station: the EVBox Troniq High Power. This charging station boasts a 400 kW power delivery capacity and holds the distinction of being the first standalone station to undergo rigorous testing and validation in real-world scenarios across France and the Netherlands. The EVBox Troniq High Power is constructed on the adaptable and scalable Troniq Modular platform, which facilitates seamless integration into existing charging infrastructure for businesses.
• March 2023: 7-Eleven Inc. introduced 7Charge, its proprietary EV charging network and app, which provides a convenient and dependable fast-charging experience at specific 7-Eleven stores across the United States and Canada. The 7Charge network ensures that EV drivers can enjoy the signature convenience and accessibility associated with 7-Eleven. At these 7Charge sites, customers can charge their electric vehicles of any make and model, as long as they are compatible with CHAdeMO or Combined Charging System (CCS) plug types12.

• April 2024: The Japanese government implemented the use of private ride-hailing services, which are accessible through mobile applications such as Uber and Go.
• March 2024: Alphabet's autonomous driving division, Waymo, introduced its ride-hailing service, Waymo One, in Los Angeles, California. The service is being offered to the public for free, and this decision was made after the successful completion of the Waymo One Tour program that the company initiated in the city.
• December 2023: TH International Limited, the exclusive operator of Tim Hortons coffee shops and Popeyes restaurants in China, announced a partnership with the ride-hailing company DiDi Chuxing as part of a brand-building campaign. This new partnership will focus on cross-brand and cross-channel marketing, leveraging DiDi's large customer base to increase awareness of the Tims China brand.

• December 2023: The online crane rental service based in Dubai, MyCrane, started its own operation in the United States. The company stated that it chose to set up its own operations in the United States rather than appointing a franchisee, as it has done in other locations.
• November 2022: Maxim Crane Works LP announced the launch of Maxim MarketplaceTM, a new online marketplace for used equipment sales. With hundreds of fleet-owned cranes and support equipment to sell, the US rental giant is refreshing its fleet via its own cutting-edge online used equipment sales platform developed in collaboration with Krank, the industry's first software developer.
• August 2023: Zeppelin boosted its Zeppelin Rental business by acquiring Bauhof Service GmbH, a Germany-based company that rents pumps and generators and provides logistical services for construction sites.
• June 2023: Renta Group made several acquisitions this year, including purchasing Norwegian general rental company My Lift. The acquisition added eight depots in Norway and NOK 360 million (EUR 30 million) of annual revenue to Renta Group.

• March 2024: After successfully launching services in Vientiane's Capital and the popular tourist destination of Vang Vieng, Xanh SM Laos officially extended its electric taxi operations to Savannakhet Province. This expansion not only signifies the next phase in Xanh SM's brand development but also underscores the company's ongoing dedication to the promotion of electric vehicles.
• March 2024: Waymo secured approval on Friday from California regulators for offering paid robotaxi rides in the second-largest city in the United States, as well as expanding its services in more areas of the San Francisco Bay Area.
• January 2024: Baayu, positioned as India’s inaugural app-based 100% electric and decentralized bike taxi service, was launched as a collaborative effort between the state government-run Assam State Transport Corporation and a startup company.

• December 2023: SIXT SE, a German-based car rental company, announced that it was phasing out Tesla electric rental cars from its fleets because of reduced resale costs. SIXT was the second company apart from Hertz to announce the replacement of its electric vehicle fleet.
• October 2023: Enterprise Holdings, a car rental service provider operating worldwide, including across Europe, announced its plan to rebrand its name to Enterprise Mobility to reflect the 'evolution' of its global network of mobility solutions. In line with the new corporate brand, the company rolled out a new logo and tagline: ‘Advance the world, one journey at a time.’ However, the company stated that all Enterprise Mobility brands will remain unchanged as key offerings in its portfolio.
• June 2023: Europcar, a car rental company operating in Europe, announced its partnership with the BringOz logistics platform as part of its efforts to digitize internal processes and automate and optimize vehicle movement. Further, as per the agreement, both these companies will work in collaboration to streamline and maximize Europcar's resources by increasing the efficiency of vehicle transfers with consolidation.

• November 2023: The United International Transportation Company, Budget Saudi, secured a long-term deal with Saudi Basic Industries Corp. (SABIC) for leasing the transport firm’s 263 vehicles. The contract, valued at SAR 39.8 million (USD 10.6 million), is for four years. The leasing deal will be automatically renewed for 12 months at the end of the initial term. 
• June 2023: Lumi Rental Company signed a leasing agreement with Saudi Post to supply a fleet of 855 vehicles, which includes 795 commercial vans, 40 SUVs, and 20 sedans. The total value of the agreement was SAR 42 million (USD 11.2 million). The terms of the agreement are effective for 34 months and offer the option to renew through mutual consent of both parties.
• April 2023: ALTAWKILAT Premium, the authorized official agent of the Hongqi brand in the Kingdom of Saudi Arabia, entered into a partnership with PEAX, a leading luxury car rental and leasing company in Saudi Arabia, to supply the latter with 100 Hongqi Ousado 2023 cars. The agreement is aimed at expanding PEAX's luxury vehicles fleet, improving its services, and meeting the high demand for excellent services in the car rental and leasing market.
• October 2022: Lumi, Seera’s car rental and leasing unit, opened its first car showroom in Riyadh to sell used vehicles to consumers. Lumi’s new offering serves to fulfill the growing demand from customers who have expressed a strong interest in purchasing vehicles from Lumi. With a fleet of over 19,000 vehicles, Lumi ensures rental and leasing customers have access to the newest cars through its policy of selling vehicles that reach two to three years of age and replacing them with newer vehicles.

• In December 2022, AutoNation Inc., one of America's largest automotive retailers, announced the acquisition of RepairSmith, a full-service mobile solution for automotive repair and maintenance headquartered in Los Angeles, CA, with a significant operational footprint in the southern and western United States.
• In May 2022- American Tire Distributors and Monro, Inc. announced that they have entered into a definitive agreement according to which ATD will acquire Monro's wholesale tire distribution assets, operating under the Tires Now name ('Tires Now').
• In March 2022, Monro Inc. signed a definitive agreement to acquire Mountain View Tire & Service Inc., adding USD 45 million in expected annualized sales and expanding its presence in an attractive western region with a total of 116 stores.

• February 2023: The German company nextbike by Tier introduced four shared push bike and e-bike systems in Spain in eight weeks. Moreover, the new services in Getxo, Mislata, and Palma de Mallorca added to the firm’s win of a large-scale tender in Barcelona.
• March 2023: PBSC Urban Solutions announced that the first e-bikes and stations of Madrid's new bicimad system are now operational. With the implementation of bicimad, an integrated, cutting-edge, and ultra-modern solution equipped with intelligent and innovative bikes, PBSC plans to create a revolution in bike sharing

In August 2021, Lumi launched state-of-the-art booking platforms to enhance the customer experience in car rental for Saudi Arabia. The new intuitive and seamless digital platforms further streamline and automate the online booking process, providing customers a quick, secure, and hassle-free experience.

In August 2021, Invygo announced that it raised USD 1.9 million in a pre-Series A round from several venture capitals and angel investors. The funding may help the company to create partnerships with dealers and car rental companies, providing its customers with a diverse catalog of cars.