As of today, Beat, the app-based transportation company, will cease operations in Chile, Mexico, Peru, and Argentina. Beat’s shareholders strategically decided to focus on core European markets and stop investing in Latin America:
“This has been a decision purely by our investors due to the redirection they have decided to make for their investments in the current global context,” the company stated.
Beat was created in 2011 in Greece as a joint venture between Daimler and BMW. The company operated for a decade in Argentina, Chile, Peru, Mexico, and Colombia.
The company projected a $9.44B accumulated profit among drivers in Argentina by 2022. In Peru, Beat was looking to expand to other regions outside Lima. In Mexico, Beat was the only ride-hailing app with an electric vehicle fleet, and the company planned to construct an innovation center in the country.
User accounts will continue to be active until December 7, 2022, and will function on a limited basis for the time being. After this date, the application will no longer be available. The closure of Beat’s operations will take effect gradually in all the Latin American countries where it operates.
Read more on Forbes.