Chariot commuter bus in New York. Photo: Thomas Urbain/AFP/Getty Images
Chariot, the commuter bus service Ford acquired in 2016 for a reported $65 million, is shutting down over the next month, the automaker announced in a blog post.
Why it matters: Chariot's acquisition was hailed as part of Ford's expansion beyond making and selling cars to keep up with consumer appetite for private transportation services. However, operating Chariot "is not going to be a sustainable business moving forward," the company told the SF Examiner.