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Maven scaling back; Luckin shares slide; whiskey producers happy

SFGate Tuesday, 21 May 2019
*Vanishing vehicles*

*Maven*, the *General Motors* car-rental service, is being shut down in about half of its 17 North American markets. The company wouldn’t say Tuesday where Maven will continue to operate, but it confirmed that it is pulling out of New York and Chicago. It says that it is not scrapping Maven, but concentrating on markets with the strongest demand and growth potential. Maven, which was started in 2016, facilitated short-term rentals of GM vehicles with an app in metro areas including including San Francisco. It expanded to leases for ride-hail drivers and added an app-based peer-to-peer rental service. The company said the move is “just the course of business.”

*Luckin lower*

*Luckin Coffee*, a fast-growing rival to *Starbucks* in China, is having a tough time on Wall Street. The company went public on the *Nasdaq Stock Market* Friday at $25 per share and quickly shot up. But the stock slid this week, closing Tuesday at $17.33. Luckin, which has 2,370 stores in China and plans to top the 3,700 Starbucks locations there by the end of year, continues to lose money — $475 million last year. Its cafes are small, with few seating areas, and cater mostly to people picking up mobile orders. It also offers delivery within 30 minutes. It raised $561 million in its initial public offering.

*Number of the day*

$62.1 million

That’s how much U.S. *whiskey* exports to Canada and Mexico totaled in 2017. So producers were understandably concerned when those two countries slapped retaliatory tariffs on their products last year. Distillers say their exports to the North American allies fell 11% in the second half of 2018, and they were down 10% during the first quarter of...
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