Ford Motor announced on Friday it is acquiring shuttle service Chariot as the auto giant seeks to cater to customers who may not even own a car.
The acquisition is an opportunity for Ford to gain exposure to a group of consumers who may not be interested in owning a car, Ford CEO Mark Fields said in an interview on CNBC's "Power Lunch."
"This is about not going from an old business to a new business. It's just expanding our business and filling an unmet need, particularly for cities who want to solve some of their congestion and mobility issues," Fields said on Friday.
Chariot crowdsources its routes as well as its pickup and drop-off locations. The mobile app lets users reserve seats, buy passes and check estimated time of arrivals.
As part of its initiative to alleviate congestion in major global cities, Ford said it will also collaborate with bike-sharing provider Motivate.