Breaking News
0
Ad-Free Version. Upgrade your Investing.com experience. Save up to 40% More details

Airport transfer Blacklane bets on intercity trips to revive COVID-hit business

Stock MarketsOct 31, 2020 03:10AM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
2/2 © Reuters. German chauffeur service Blacklane CEO Jens Wohltorf is pictured in Berlin 2/2

BERLIN (Reuters) - German chauffeur service Blacklane, specialised in airport transfers, is looking to tap into demand for relatively safe intercity travel to grow revenue hit by COVID-19 which also derailed its plans for a 2022 stock market listing.

The startup, which operates in more than 300 cities in 50 countries and saw revenue crumble as the pandemic halted air travel earlier this year, now takes customers from their offices or homes directly to the cities they used to fly to.

"Our bread and butter business was the airport transfer, often at both destinations," said Chief Executive Jens Wohltorf. "In April, revenues slumped to 1%, and since then we have started to reinvent ourselves, roll up our sleeves and fight our way out."

Blacklane advertises its intercity rides, which are currently available in Britain and Germany, with a safety promise and fair prices.

"You are alone (in the car), you have the social distance, you know it is much more comfortable," Wohltorf said.

A one-way trip in a limousine from Berlin to Frankfurt costs from around 50 euros ($59), to Hamburg from around 180 euros and to Munich from around 350 euros. This compares with train ticket prices to Frankfurt, for instance, of 23-200 euros.

Revenue is now back between 30% and 50% of pre-crisis levels depending on the cities, the group, which had initially planned to break even this year, said.

It will take time to reach last year's revenue of around 100 million euros, but the company still hopes for fresh money from investors and a future stock market listing.

($1 = 0.8461 euros)

Airport transfer Blacklane bets on intercity trips to revive COVID-hit business
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: 

  • Enrich the conversation
  • Stay focused and on track. Only post material that’s relevant to the topic being discussed.
  • Be respectful. Even negative opinions can be framed positively and diplomatically.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Continue with Google
or
Sign up with Email