Ford buys journey-sharing startup Chariot for $65m

US car manufacturer Ford has bought journey-sharing startup Chariot in a $65m deal in an attempt to expand its San Francisco business to five further markets.

Chariot is a shuttle service which uses a mobile phone application which allows passengers to share journeys during commuting times, providing a middle-ground between the use of public buses and taxis.

The deal was first announced last week, but the figure that Ford would pay for the startup was undisclosed until Monday.

"Partnering with cities on current and future transportation needs is the next major step," said Ford CEO Mark Fields in a statement. "We want to work with communities to offer even more transportation choices and solutions for people—for decades to come."

Ford's move is the latest by a traditional car manufacturer to take steps towards more modern, technology-based companies. Rival General Motors recently invested $500m in Uber-type service Lyft.

The acquisition was carried out by Ford's Smart Mobility unit, which will integrate Chariot into services such as the Bay Area's bike-sharing service Motivate.

Chariot has received investment from the likes of SoftTech VC, Major League Baseball Ventures and Winklevoss Ventures.