Feb 22, 2019

BMW and Daimler invest €1bn in new car venture

BMW and Daimler have unveiled a joint venture to invest in new-generation services such as driverless vehicles, ride-hailing and parking services. The move comes as traditional manufacturers face competition from mobility services provided by Uber and other technology firms. BMW and Daimler said they were open to buying tech start-ups. Many analysts have argued that to survive against the tech giants, traditional car manufacturers must develop services based on usage rather than sales. Harald Krüger, chairman of BMW's management board, said: "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,".

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