Latvian car-sharing OX Drive raises €2.8M for fleet expansion

Latvian startup OX Drive, a car-sharing platform for Tesla cars, has raised €2.8 million as part of the investment agreement with Industra Bank to expand its fleet of electric cars. The funding will increase the number to up to 200 shared vehicles, Labs of Latvia reports.

• Launched in 2022, OX Drive offers an affordable way to drive a Tesla in Latvia without any of the hassles of owning a car. The platform features Tesla models like Model 3 Standard/Long Range, Model 3 Performance, and Model Y Standard/Long Range. The total trip price is calculated based on the ride duration and the distance driven, starting from €0.28 per minute and €0.25 per km.

• To date, the platform has had more than 35,000 users. In general, the customers have driven a total of 2.5 million km on 64,000 journeys. This summer, OX Drive’s fleet consisted of 110 Tesla cars. The company’s founders are Egija Gailuma, Kristiāns Karlsons, Juhan Kaarma, and Kristaps Vasiļjevs.

“Our development goes hand in hand with the expansion of our fleet, as this is the only way to meet the accessibility and ease of use needs of the platform’s users,”

Egija Gailuma, OX Drive co-founder, comments.

• Most of the platform’s users are in Riga, Jurmala, and the nearby are. However, last year the platform expanded its reach with several other locations, such as Mārupe, Jaunmārupe, Ādaži, Babīte, Ulbroka, Baloži, Vecāķi, and Valdlauči.
• The fresh funding will allow OX Drive to increase its fleet size to 200 Tesla cars. And the new additions will significantly increase the number of users and the driving frequency.