Ford (NYSE:F) announced that it is shutting down its Chariot shuttle service due to an inability to bring in as many passengers as it would have liked over the years.
The service was supposed to rival Uber in a way, but with a slightly different approach as it offered shared rides via shuttles in some of the major cities of the U.S. Chariot first rolled out in 2014 as Uber’s popularity continued to grow, offering another alternative in the transportation services industry for riders who wanted a faster and more efficient option than public transit.
Ford acquired the service two and a half years ago for $65 million as the carmaker hoped to cash in big with a trend that seemed set to pay dividends. Chariot spokesperson Erin Simpson said that the service failed with its ridership, causing it to make the decision to eventually shut down.
The service consists of shuttles that had 14 seats apiece and ran limited public routes through Austin, Chicago, Denver, Detroit, the Bay Area in Northern California and London in the UK. Ford said that Chariot’s shuttle services will be closed down for good as of February 1.
The company also rolled out a new service via the same brand, offering to run vans for several companies, and this service will conclude in March. Chariot added that some of the service’s 625 employees may be offered positions within Ford.
F stock is up 1.7% on Friday.
More From InvestorPlace
- Morgan Stanley: 7 Risky Stocks to Sell Now
- 10 Stocks You Can Set and Forget (Even In This Market)
- The 7 Best Stocks in the Entrepreneur Index