BMW and Daimler invest €1bn in new joint car venture
By Caoimhe Toman
Date: Friday 22 Feb 2019
(Sharecast News) - BMW and Daimler announced on Friday they would invest €1bn in a new joint venture which will develop driverless vehicles, ride-hailing services and parking services.
The venture marks a shift beyond manufacturing and car sales toward pay-per-minute or pay-per-mile systems to compete with start-ups taking hold of the market.
"Further cooperation with other providers, including stakes in startups and established players, are also a possible option," Daimler's Chief Executive Dieter Zetsche said.
The venture has five strands:
REACH NOW, a smartphone-based route management and booking service.
CHARGE NOW for electric car charging.
FREE NOW for taxi ride-hailing.
PARK NOW for parking services.
SHARE NOW for car-sharing.
"These five services will merge ever more closely to form a single mobility service portfolio with an all-electric, self-driving fleet of vehicles that charge and park autonomously," said BMW Chief Executive Harald Krueger.
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