By David Sachs

Volkswagen said Monday that it plans to invest in Bike Mobility Services, a subsidiary of Pon.

The German Car maker said its financial services arm will invest in the bike-leasing business of the Dutch bicycle manufacturer to capitalize on the trend of companies adding bikes to their traditional fleets. Volkswagen did not disclose monetary details.

Bike Mobility Services aims to become the largest manufacturer-owned bicycle financier in Europe and is also focusing on growth in the U.S., Volkswagen said. Its brands include Business Bike, Lease A Bike and B2Bike.

Write to David Sachs at david.sachs@wsj.com

(END) Dow Jones Newswires

September 04, 2023 03:24 ET (07:24 GMT)

Copyright (c) 2023 Dow Jones & Company, Inc.
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