Bolt, a rival of Uber‘s ride-sharing and food delivery businesses, launched a pilot project on Wednesday for a new app feature that will allow users to rent out their own cars.
In an announcement made during Europe‘s largest tech conference, Lisbon’s Web Summit, Bolt said that with its “share your car” feature, users could earn money depending on their vehicle’s make, model, mileage, and length of the rental period.
“This has two main benefits: more money in people’s pockets at a time when living costs are rising dramatically, and a better urban environment with fewer private cars on the street,” Bolt’s CEO Markus Villig said in a statement.
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Estonia-based Bolt said users with smaller vehicles, such as a Toyota Yaris, could receive up to 112 euros ($111.31) if they rent their car for a whole week. Those with bigger car models, such as a Volkswagen Passat, could earn up 161 euros.
“There are many people who use their cars once or twice a week,” Villig said.
The pilot project was launched in Estonia’s capital, Tallinn but Bolt said it hoped to introduce it to other markets next year. It will be available via Bolt Drive, the company’s car-sharing app.
Vehicles rented on Bolt Drive will receive full damage coverage for the entire period that the car is rented and the company said it would issue warnings to users who exceed speed limits.
According to Bolt, cars will only be rented out to drivers aged over 25 years and to those who have held a driving licence for at least two years.
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