Ford Motors (NYSE:F) closed 3% lower on Friday after the motoring behemoth said it is exploring new modes of transport as the century-long love affair with the private car may be coming to an end
The Detroit-based automaker announced on Friday that it was purchasing Chariot, a San Francisco based mini-bus service, and partnering with Motivate, a bike-sharing company, to expand a bike-sharing program in the Bay Area.
The news comes as Ford is stepping up its efforts to work directly with cities to solve transportation issues. The company said it would set up a new group to work with San Francisco, and eventually other cities, to address congestion.
Ford shares closed down 2.8% at $12.38 on Friday.
Meanwhile, in another setback for the motoring industry, General Motors (NYSE:GM) will recall almost 4.3mln vehicles over a software fault that prevents airbags from deploying and has already been linked to a fatality.
A crash involving one of the cars led to a death and three injuries, the company said on Friday as it announced the mass recall. It is recalling a number of cars, SUVs and trucks built from 2014 onwards.
The company said that sensors connected to the airbags failed to detect a crash in “rare circumstances when a crash is preceded by a specific event impacting vehicle dynamics”.
GM shares closed down 3.9% at $30.48.