Car2go hikes hourly rental rates by as much as a third – gpgmail


By-the-minute car rental service Car2go is raising its rates for short trips under the guise of variable pricing, the company announced to its users today. As we’ve seen with other variably priced services like delivery and ride hailing, in practice this means you never really know what it will cost but will have little choice but to pay.

In an email to users of its service, Car2go said that as a result of “constantly evaluating our product, packages, and pricing strategies” it had arrived at the new system, under which price will depend on time, location, and day. The new cost structure takes effect next month.

For Car2go users, this will generally mean paying more. The company highlighted a new cheaper possible per-minute rate of 35 cents, significantly lower than the current $0.45 rate. But it’s easy to guess when that lower rate will be available: “times, locations, and days” that no one is using the service. Meanwhile, it’s also possible to encounter a new higher per-minute rate of up to 49 cents when cars are in demand or in a high-use location.

Blocks of time from half and hour to four hours are all increasing in price: The current flat rates are now floor rates, with the possibility you’ll be paying as much as a third more than before. For example, a two-hour block currently costs $29; soon it will cost somewhere between $30 and $39. Again, you won’t know until you open the app to check it out, at which point you’re probably already committed.

Day-length packages are actually cheaper under the new system, but no longer include miles, so while a 24-hour pass used to be $79, now it’s $70 — but at 19 cents per mile, you’ll be in the red after less than 50 miles. And the price only goes up from there. Still, it’s conceivable you’ll pay less for a 2- or 3-day rental if you’re not actually going anywhere distant, but just need a car for the weekend.

A newly instituted zone-based charge and refund system punishes drivers for leaving the city center and rewards those at the periphery for driving back towards heavy usage areas. There’s a $5 charge if you leave the central zone, and $5 refund — or the price of the trip, if less — if you bring a car in from the outer one. (Consult your local Car2go to see what the zones are in your city.)

Count the cards here and you can see the house always wins. If you’re going out, the full $5 fee always applies. If you’re coming in, it will be very difficult to nail that $5 ride — go under and Car2go is reimbursing less than the $5 (and thus comes out ahead), go over and you end up paying money anyway. It’s just one of those clever little traps businesses set up.

You can see the full changes in the chart below:

Oh, and your first 200 trips this calendar year have an additional $1 fee. You’re welcome!

In case you can’t tell, this is bad news for consumers, though it would be too much to expect that these prices would stay stable for years. But variable pricing is fundamentally anti-consumer because of a lack of transparency under which the companies controlling it can pull all kinds of shenanigans. Sadly, that makes it a great choice for the bottom line.

These unwelcome changes come six months after Car2go joined the BMW-Daimler joint venture Share Now, which has a variety of car-share services around the world it intends to unify under a single brand soon (it already killed ReachNow, rather abruptly). Apparently larger scale and reduced competition don’t actually lead to lower prices — unfortunate for their customers. But overall the floating car-share services are an important one. Just not as cheap as they used to be.


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Proterra, the Tesla of electric buses, closes in on $1 billion valuation – gpgmail


Proterra has authorized shares to raise $75 million, a new round of funding that would push the electric bus maker’s valuation past $1 billion, gpgmail has learned.

The company authorized the sale of 10,857,762 shares at a price of $6.91 in a Series 8 round, according to a securities filing that was obtained by the Prime Unicorn Index, a company that tracks the performance of private U.S. companies, and reviewed by gpgmail. If all of the shares are issued, the company’s total valuation would be $1.04 billion, pushing it into “unicorn” territory, according to Prime Unicorn Index.

Proterra declined to comment.

Efforts to raise capital come as the company explores an IPO, according to a report last month by Reuters that said Proterra had hired underwriters from Deutsche Bank, JPMorgan Chase and Morgan Stanley.

The filing doesn’t name investors. Prior to this August 2 filing, Proterra had raised a total of $$551.77 million in funding from investors that include G2VP, Kleiner Perkins Caufield & Byers, Constellation Ventures, Mitsui & Co as well as BMW i Ventures, Edison Energy, the Federal Transportation Administration, General Motors’s venture arm and Tao Capital Partners.

Proterra’s roots are producing electric buses for municipal, federal and commercial transit agencies; it has a line of electric buses, hundreds of which have been sold, that can travel 350 miles on a single charge. The Burlingame, Calif. company, which has a number of former Tesla employees in leadership positions including CEO Ryan Popple, has since diversified its business.

Proterra rolled out in April a $200 million credit facility backed by Japanese investment giant Mitsui & Co. to scale up a battery leasing program aimed at lowering the barrier of entry of buying an electric bus.

And just this month, company announced it has added a new business line called Proterra Powered that will sell its vehicle battery systems, powertrain technology and charging infrastructure to commercial truck and manufacturers of heavy-duty vehicles like garbage trucks.

This new business line stems from its previous relationships with companies like Van Hool and Daimler . Proterra announced last year it was working with Daimler to electrify the company’s Thomas Built Buses division, which makes a line of school buses. That relationship comes with some financial backing and an agreement to share technologies.

Daimler co-led a $155 million funding along with Tao Capital Partner. Proterra is lending its battery and drive train expertise; Daimler will show Proterra how to scale its manufacturing business even further.

The partnership has already been fruitful. Thomas Built Buses received certifications from the California Air Resources Board and the Hybrid and Zero-Emission Truck and Bus Voucher Incentive Project for an electric bus, known as the Saf-T-Liner C2 Jouley, that uses Proterra technology. Electric school bus production for demonstration and innovation vehicles begins in 2019 and commercial production begins in 2020.


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