Ford Folding Ride-Sharing Shuttle Service Acquired by Hackett

(Bloomberg) -- Ford Motor Co. saw a bright future in alternatives to the traditional carmaking business a few years ago, so much so that it started a Smart Mobility unit and later promoted its leader to CEO. Now, its first foray into ride-sharing services is shutting down.

Chariot, Ford’s public ride-sharing shuttle service, will cease all operations by the end of March, according to a blog post. The automaker’s Ford Smart Mobility subsidiary, formed in March 2016 and led by Jim Hackett, bought Chariot six months later as its first acquisition. Hackett became chief executive officer of the parent company in May 2017.

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To contact the editors responsible for this story: Craig Trudell at ctrudell1@bloomberg.net, Kevin Miller

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