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Volkswagen to Invest in Bike-Leasing Service Owned by Pon

September 04, 2023 at 03:25 am EDT

By David Sachs

Volkswagen said Monday that it plans to invest in Bike Mobility Services, a subsidiary of Pon.

The German Car maker said its financial services arm will invest in the bike-leasing business of the Dutch bicycle manufacturer to capitalize on the trend of companies adding bikes to their traditional fleets. Volkswagen did not disclose monetary details.

Bike Mobility Services aims to become the largest manufacturer-owned bicycle financier in Europe and is also focusing on growth in the U.S., Volkswagen said. Its brands include Business Bike, Lease A Bike and B2Bike.

Write to David Sachs at david.sachs@wsj.com

(END) Dow Jones Newswires

09-04-23 0324ET

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David Sachs

Mr. David Sachs is a Chief Financial Officer at ImmunityBio, Inc. He is on the Board of Directors at Chan Soon-Shiong Institute For Medicine, Keyssa, Inc., Mox Networks LLC and PacketFabric, Inc. Mr. Sachs was previously employed as a Chief Financial Officer by NantKwest, Inc., a Chief Financial Officer by Integrity Healthcare LLC, and a Principal by Nant Capital LLC. He also served on the board at Ziosoft, Inc. He received his undergraduate degree from the University of California, Los Angeles and an MBA from Anderson School of Management.

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