audi
Audi Logo. Reuters

German carmaker Audi is betting big on car rental services, with Singapore becoming its new destination for the premium "Audi on demand" renting services.

Audi on Thursday launched a short-term car rental service in Singapore with an initial fleet of 10 vehicles.

The company's Web-based Audi On Demand is already available in cities like Hong Kong, Manchester, San Francisco, Munich and Beijing.

"There's growing wealth in the world . . . and the premium segment is growing now. There's an expanding middle class across the world, and that's where we're targeting," Jeff Mannering, managing director of Audi Singapore told The Business Times on the sidelines of Singapore Motorshow.

The service allows Audi fans to use the latest models of the European carmaker, without having to buy a vehicle. A dedicated concierge will deliver the rented car to any location in Singapore within two hours.

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The services includes a range of Audi's latest models from $76 (for the A3 sedan) to $244 (Q7 sport utility vehicle), per four-hour slot.

Customers can rent the vehicles for a minimum time of four hours to a maximum duration of 28 days.

Audi, like other established automakers, are investing big on mobility. The luxury carmaker bought Silvercar, a Texas-based luxury car-rental service, last year to address the premium airport rental car market.

Likewise, U.S.-based General Motors and Ford have invested in or acquired companies in 2016 while Fiat partnered with Google to develop self-driving cars.