AUSTIN (KXAN) — On Friday, car2go announced it was leaving several cities, including Austin, among others, beginning Oct. 31.

In a statement, the German car rental company says in part:

“This decision was not made lightly. We have had to face the hard reality that despite our efforts, we underestimated the investment and resources that are truly necessary to make our service successful in these complex transportation markets amid a quickly-changing mobility landscape.”

Car2go also stated that it still believes its model of free-floating car-sharing has helped change the industry of car renting and that the concept still provides a benefit to residents of large cities — offering them economic and quality of life benefits.

The company ended its statement saying:

“We want to extend a heartfelt thank you to every employee, member, business partner and city stakeholder who have supported us throughout the years in these cities. We deeply regret any inconvenience this decision causes.”

The company will also be pulling service from Calgary, Denver, Portland, and, on Dec. 1, Chicago. It says it will continue to focus in cities like New York City, Washington, D.C., Montreal, Vancouver and Seattle.