Goldbell Group confirms acquisition of BlueSG

Goldbell Group (Goldbell) has confirmed its acquisition strategy with BlueSG on Friday, Feb 5, 2021. The firm will be fully taking over Singapore's leading electric car-sharing network by August 2021.

Launched in 2017, BlueSG grew under the Singapore Economic Development Board (EDB) and Land Transport Authority's national-level electric vehicle (EV) Car Sharing initiative programme since 2017.

Today, BlueSG has a total fleet of more than 650 electric vehicles with a record of 1,700,000 rentals and 100,000 subscriptions sold. As a result, it is one of the top local car-sharing platforms.

Acquisition within Goldbell and BlueSG

CEO of the Goldbell Group, Arthur Chua mentioned that the $70 million investment will go to areas such as adding new electric vehicles to the fleet, beyond BlueSG's signature white hatchbacks. The firm also plans to partner other EV charging providers to allow convenient solutions for BlueSG users.

Goldbell will also establish a new research and development centre with a dedicated technology team that will work on developing new mobility technologies and algorithms.

Mr Chua also adds, "Autonomous, Sharing Economy and Electric are the key pillars necessary for the fulfilment of Goldbell's Future Mobility vision and our core value of sustainability. The acquisition of BlueSG is obviously mission-critical to bringing us closer to our goal."

Goldbell's overall objective is to place BlueSG as one of the world's largest eco-friendly car-sharing companies. Looking forward, the firms are prepared to respond to changes for the next 40 years and seek to create sustainable solutions for the future.

Despite the acquisition taking place over the next six months, customers will continue to enjoy efficient services provided by BlueSG. Its daily operations will be run under Bolloré Group’s management until Goldbell officially takes over.

This article was first published in Motorist.