Oil refiner GS Caltex makes strategic investment in car-sharing company

Park Sae-jin Reporter() | Posted : December 18, 2018, 11:13 | Updated : December 18, 2018, 11:13

[Courtesy of GS Caltex]

SEOUL -- In an effort to diversify its business into South Korea's nascent smart mobility market, GS Caltex, a major domestic refiner, made a strategic investment in Green Car, a car-sharing company, to share business know-how and infrastructure.

Green Car, a subsidiary of South Korea's major car rental and lease service company Lotte Rental, launched its car-sharing service in 2011. The company has a fleet of some 6,500 cars and three million registered users. Green Car charges customers by the distance they have moved, making it ideal for people who need a car for short one-way trips.

GS Caltex said in a statement Tuesday that it acquired a 10 percent stake worth 35 billion won ($30 million) in Green Car. The oil company would use its retail parking lots and gas stations as garages for Green Car vehicles and establish smart mobility bases which would provide charging and parking infrastructure for autonomous vehicles.

This year, GS Caltex made strategic investments in Cardoc, an app-based auto repair shop matchmaking service, and Owin, a Bluetooth-based device which provides connected car features to car models.

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