Bolt, the Estonian company best known for its ride-hailing business, reported on Tuesday that it has launched a car-sharing service in Europe as part of its strategy to diversify its revenue streams.Bolt said it would spend 20 million euros ($24 million) in launching Bolt Drive in Europe this year, beginning with a pilot in Tallinn, Estonia, where it is headquartered.According to a company spokesperson, if the Tallinn pilot is successful, Bolt Drive will deploy in many other European markets this year, CNBC reported.The pilot will include 500 vehicles, including the Toyota Yaris, Volkswagen Golf, and Skoda Scala, as well as larger vehicles such as the Toyota CHR, Volkswagen Troc, and Skoda Kamiq.The cost of renting a car can change depending on the vehicle but users are not charged for parking or petrol.In a statement, Markus Villig, CEO and Founder of Bolt, said that he wants people to give up their personal cars. “For people to switch from ownership to on-demand transport, we need to offer a more convenient, affordable, and environmentally sustainable option for every distance,” said Villig, CNBC reported.“We are already doing this for short and medium distance trips. Bolt Drive now covers the rest of the use cases, whether it’s a trip to a shopping mall or a weekend getaway.”Bolt is estimated at $2 billion and claims to have more than 50 million users across 40 countries in Europe and Africa.
