VW Is Said to Back Own Tech Rather Than Fund Uber Rival Gett
- Gett is said to be raising $500 million in new funding
- VW has aready invested $300 million into Tel Aviv-based Gett
A VW logo sits on the alloy wheel of a Volkswagen automobile, produced by Volkswagen AG (VW), at the 65th Frankfurt International Motor Show in Frankfurt, Germany, on Tuesday, Sept. 10, 2013.
Photographer: Jason Alden/BloombergThis article is for subscribers only.
Taxi-app provider Gett Inc. is struggling to raise new funds as Volkswagen AG, its most significant investor, leans toward backing its own ride-hailing division in the battle against Uber Technologies Inc.
The German carmaker -- which has already invested $300 million in Gett -- has decided not to commit to Gett’s latest funding round, people familiar with VW’s plans said, who asked not to be identified because the talks were private.