Cabify already has a partner that will spend a $40 million loan on its fleet of electric vehicles.

A few days ago, Cabify announced its strategic mobility plan for the coming years. In terms of attack, a proposal similar to that presented by Uber a year ago. An agreement of sorts, accompanied by funding under a $40 million European loan in the case of a Spanish unicorn intended to purchase electric vehicles for its domestic fleet under its Vector subsidiary. On the waiting list was an agreement with one of the major automotive companies. Uber has already achieved this with Repsol and Santander, as well as with the UberGreen program. Cabify is now entering into an agreement with Renault to channel this European funding.

Under French car company Mobilize’s fourth brand, focused on electric mobility rather than car sales, Cabify is associated with what they call a “subscription service” for cars. “The service is bought more than the vehicle,” they explain. The reality is that it works like a new model leasing, is already in operation due to its competence in the field of mobility. In the contract, as in more traditional models, an all-inclusive package: insurance, maintenance, car change if necessary, and charging points. Thus, the vehicles are always the property of Mobilize, and Cabify enters into a subscription model service contract.

For Renault, which launched the service a few months ago, this is a step towards the development of the so-called fourth brand – the only new one created in its 120 years of existence. Starting from traditional users with leasing a new electric vehicle brand, as well as last mile and home delivery professionals, the firm wants to associate itself with shared mobility services. Cabify is the first third leg brand for Movilize which will expand over time. In any case, they assure that it is not leasingand a subscription.

In any case, vehicles under the Mobilize agreement will become part of the Cabify Eco category. The same one that was presented along with the announcement of a European loan intended for companies. 100% electric category, which, in any case, keeps absolute secrecy regarding its numbers. The unicorn does not provide data on how many electric vehicles it allocated to this option, nor on what percentage of the business it represents.

They indicate that supply and demand are in perfect balance. So, as with the public loan, this agreement is limited to its subsidiary, Vector, for the time being. For the future, the possibility of opening an agreement with other partners has been preserved: VTC platforms and taxis. For the latter with many reservations. Unlike the VTC segment, taxis have regulatory restrictions on viable street models.

“We are now in an experimental phase between Mobilize and Cabify,” they explain at the French firm, “and the vehicle to be used will only be seen under the banner of the Spanish unicorn.” As for the car model, Mobilize Limo, coming straight from China and had to adapt to the European market. In fact, the model arrived in Spain only a few weeks ago. Therefore, this is not a Renault car: the company buys these models in an Asian country, acting in this case as an intermediary.

With this Cabify and Renault project start with 40 cars then continue expanding the service with more divisions and regions; For now, it will only be available in Madrid from June next year.