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NEW YORK (TheStreet) -- Ford (F) announced Friday that it will acquire San Francisco commuter ridesharing service Chariot as the venerable automaker looks to expand its business. Financial terms of the deal have not been disclosed.
Company CEO Mark Fields put the acquisition into context in an appearance on CNBC's "Power Lunch."
"We're taking a point of view of the world that the world is moving from just an ownership mindset around transportation to a shared mindset," he said. "We have a wonderful business around how people come and buy and own our vehicles. This is an opportunity for us to expand our business to mobility services and also to touch folks who may not ever own a car or ever have any exposure to Ford."
Fields added that the company still views its core business of vehicle sales as a growth business upon factoring in global trends in auto ownership.
"When you look in places around the world, whether it's Asia-Pacific or otherwise, [vehicles sales] is still a business that's going to grow at a fairly good compounded growth rate for the next number of years," he said. "But at the same time, as these [ridesharing] services come on, you could argue that it would decrease, for example, car usage or density in major urban areas."