Volvo has launched M - a new brand for its mobility services. With this wholly-owned and stand-alone entity, the Swedish carmaker plans to offer on-demand access to cars and other services via an app.
At present, Volvo operates a fleet of 1,700 cars in Sweden through the Sunfleet car-sharing company. Sunfleet was established over 20 years ago and has 500,000 annual transactions. It is expected to be fully integrated into M by 2019.
Volvo is also planning a proprietary software that will customise the offerings of M based on specific needs of the users. The company expects to serve 5 million users, across the various Volvo Group services within the next 10 years.
M will be headquartered in Stockholm, Sweden and a beta test for the brand will begin later this year.