Ride-sharing app Beat is pulling out of Latin America and will focus on its European business. The company announced it in a LinkedIn statement on Tuesday, November 8.
The startup, launched in Greece in 2011 and whose owners include car manufacturers BMW and Mercedes Benz, began operating in Latin America in 2019.
“Due to a clear strategic decision by shareholders to focus on core European markets, our shareholders have decided to no longer invest in the Latin American region where Beat operates,” the statement said.
In an email to users, Beat said it would cease operations in Mexico, Argentina, and Peru on November 9.
The company had hoped to take on heavyweights like Uber and Didi with a fleet of Tesla electric vehicles across the continent, vowing to close the “green ride-hailing” gap.
For those unwilling to pay the high prices for these rides, “Beat” also offers rides in conventional cars at lower prices.
According to an initial press release, Beat, owned by the cab group “FREE NOW”, also tried to distinguish itself by the fact that part of its fleet of drivers are employees and not self-employed.
With information from Latina Press