Yandex, a Russian-based technology company, plans to launch its carsharing service in Europe, according to a report by the Financial Times.
Anton Ryazanov, a Yandex executive, told the Financial Times that the company will place 1,000 of its electric vehicles in a city in the European Union. The city has not been named yet, but Madrid and Copenhagen have been considered as well as other cities in France and Italy, according to the report.
Founded in 2018 in Moscow, Yandex’s carsharing service currently operates 21,000 vehicles in Russia.
As other carsharing services are exiting the industry, Ryazanov said that Yandex has been able to grow because of its experience in the search engine market and its ride-sharing app Taxi.
“This has all been automated from the beginning,” he said. “We knew our fleet was going to grow intensively, so we couldn’t afford to put people in that value chain.”
In 2018, Russia’s carsharing market expanded five times to reach $110 million, adding approximately 229,000 users per month, according to the report.