BMW and Daimler invest €1bn in new car venture
The BMW Group and Daimler AG are pooling their mobility services to create a new global player providing sustainable urban mobility for customers. The two companies are investing more than €1 billion in total to develop and more closely intermesh their offerings for car-sharing, ride-hailing, parking, charging and multimodal transport. The cooperation comprises five joint ventures: REACH NOW for multimodal services, CHARGE NOW for charging, FREE NOW for taxi ride-hailing, PARK NOW for parking and SHARE NOW for car-sharing. “Our mobility services have developed a strong customer base and we are now taking the next strategic step. We are pooling the strength and expertise of 14 successful brands and investing more than €1 billion to establish a new player in the fast-growing market for urban mobility,” said Dieter Zetsche, Chairman of the Board of Management of Daimler AG and Head of Mercedes-Benz Cars. “By creating an intelligent network of [...]