Ground transport provider Sixt made a record pre-tax profit of €442 million in 2021 thanks to strong growth in both Europe and the US.

The Germany-based company saw its revenue rise by 49 per cent to €2.28 billion last year due to higher prices, while also gaining “significant” market share in Europe. Revenue in its home market of Germany increased by 8.9 per cent year-on-year to €739.6 million.

Sixt added that it had put its European business on “a broader footing” and gained new customers across all markets. The company’s share of the European car rental market increased from 17.5 per cent in 2019 to 23.7 per cent in 2021.

Sixt co-CEO Alexander Sixt said: “With a record result that is even 43 per cent higher than the 2019 figure, we have impressively demonstrated that our business model is highly flexible and adaptable to a wide range of circumstances.

“We are well prepared for 2022, and currently expect an increase in revenue compared to 2021. Of course, we are following the war in Ukraine with concern, especially since Sixt has a small development site in Kyiv.

“We are supporting our employees and their families financially and organisationally, among other things, in leaving the country.”

Despite the global shortage of new vehicles due to the lack of semiconductors, Sixt managed to increase its fleet during 2021 by 10.1 per cent to 125,300 cars year-on-year.

The company plans to launch a robo-taxi pilot project in Munich for autonomous driving with its partner Mobileye, said co-CEO Konstantin Sixt. 

“We are also investing heavily in the expansion of our range of e-vehicles and are aiming for a 12 per cent to 18 per cent share of electric and hybrid vehicles in our global fleet by 2022,” he added. 

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