Volvo is already changing the way we buy cars with its Care by Volvo subscription program. Now, the Swedish automaker is leaning into alternative means of transportation with a new mobility company. Interestingly, the name Volvo has chosen for this new venture is "M," which is the name used by BMW's performance division. We can't imagine BMW will take the use of the "M" name lightly, although Volvo's M mobility company is vastly different from BMW's performance arm.

The goal of M is to offer "dependable, on-demand access to cars and services through an intuitive app." Basically, Volvo is offering a car sharing service, where users will be able to book a car through an app. The service in meant to replace traditional means of public transportation. "The services currently available mainly offer alternatives to a taxi or public transit," said Bodil Eriksson, CEO of Volvo Car Mobility. "We're focused on the way people use the cars they own, which sets us apart. We aim to provide a real alternative to that experience. It should enable us to live life on our terms, getting things done and maximizing precious time."

To create M, Volvo is absorbing its previous car charing venture, Sunfleet, Sweden's leading car sharing service with 500,000 annual transactions and a fleet of 1,700 cars. M is working to develop learning technology to discover what users need from the service, rather than simply tell them where they can pick up a car. Volvo says M will debut in Sweden and the US in the spring of 2019.