Daimler, BMW to invest more than 1 billion euro in mobility services

February 22, 2019

BERLIN (Reuters) – German carmakers Daimler and BMW deepened their cooperation on Friday by unveiling a combined ride-hailing, parking and electric car charging business to counter emerging rivals like Uber from the United States.

The luxury car manufacturers said they have earmarked more than 1 billion euros ($1.13 billion) to expand their mobility services business as carmakers move beyond manufacturing and selling cars, toward a pay-per-minute system based on vehicle usage.

Daimler’s Car2Go car-sharing business will be combined with BMW’s DriveNow, ParkNow and ChargeNow businesses, with both carmakers holding 50 percent stake in the venture.

(Reporting by Irene Presinger; Writing by Edward Taylor; Editing by Ludwig Burger)

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