General Motors Co. GM, +1.17% unveiled on Thursday a car-sharing program for a limited number of New York City residents, as part of the car maker's plan to expand urban mobility options worldwide. The new program, called "Let's Drive NYC," is available to residents of The Ritz Plaza, a luxury apartment building with 479 units near Times Square owned by Stonehenge Partners. With periodic apartment lease payments, users will receive electronic credits valid for three hours of rental a month, and have access to parking in 200 garages in Manhattan managed by Icon Parking. On top of that, users will pay less than $10 an hour, or up to $75 for a 24-hour reservation. "We view evolving consumer preferences, such as car-sharing, as real business opportunities, where we can quickly build on our existing capabilities such as OnStar connectivity to very effectively meet customer needs," said GM President Dan Ammann. GM's stock rose 1.4% in morning trade, after reporting a 12.5% rise in vehicle sales for September. The stock has lost 7.8% over the past three months, while the S&P 500 has declined 7.9%.
GM launches car-sharing program for select NYC residents - MarketWatch
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