After nearly two decades of financial struggles, electric car-sharing company Move About has officially gone bankrupt, bringing an end to its operations in Scandinavia.
This was reported by Kreditrapporten.
An Ambitious Vision That Never Took Off
Founded in Norway in 2007, Move About aimed to revolutionize urban mobility with a fleet of shared electric cars. The following year, the company expanded into Sweden, gradually increasing its presence across Scandinavia with plans to enter the German market.
However, despite its ambitions, the company never turned a profit.
Year after year, Move About operated at a loss, relying primarily on corporate and municipal contracts to generate revenue. While these partnerships provided a stable customer base, they were not enough to sustain the business long-term.
A Business Model That Couldn't Keep Up
Unlike other car-sharing services that successfully attracted private customers, Move About struggled to appeal to individual users.
As a result, the company failed to scale, and financial pressure only increased.
The situation worsened during the COVID-19 pandemic, which hit the mobility sector hard. With fewer people commuting and businesses cutting costs, Move About’s already fragile financial position became unsustainable.
In 2023, Swedish energy giant OKQ8 acquired Move About's Swedish branch, taking over its employees and operations.
But OKQ8 did not purchase the brand name, signaling the end of Move About as an independent entity.
“There was almost no debt left in the company, but also no assets,” said former CEO Olof Jonasson. “So filing for bankruptcy was simply a formality.”
What Happens Next?
With the official bankruptcy filing now complete, a trustee has been appointed to handle the final legal processes.
Since Move About’s core business has already been absorbed by OKQ8, the impact of the bankruptcy is expected to be minimal.
Although Move About’s name disappears, its car-sharing operations will continue under OKQ8, ensuring that customers who relied on the service will still have access to electric vehicle rentals.
