Daimler, BMW to invest 1 bln euros in venture to rival Uber

Record ID: 1396644

  • Title: Daimler, BMW to invest 1 bln euros in venture to rival Uber
  • Date: 22nd February 2019
  • Summary: CAR'S LIGHTS FLASHING MAN REACHING FOR CAR KEYS INSIDE CAR MAN TURNING ON SMART'S ENGINE "CAR 2 GO" "PROUD TO SHARE" BUMPER STICKER ON SMART "CAR 2 GO" SMART DRIVING OFF BERLIN, GERMANY (FEBRUARY 22, 2019) (REUTERS) BMW CHIEF EXECUTIVE HARALD KRUEGER AND DAIMLER CEO DIETER ZETSCHE SHAKING HANDS PHOTOGRAPHER WIDE OF KRUEGER SPEAKING, SEATED
  • Embargoed: 8th March 2019 13:50
  • Keywords: car sharing Daimler BMW investment US car punitive tariffs German auto industry
  • Location: BERLIN, GERMANY
  • City: BERLIN, GERMANY
  • Country: Germany
  • Topics: Company News Markets,Economic Events
  • Reuters ID: LVA005A2NW8ZX
  • Aspect Ratio: 16:9
  • Story Text: German carmakers Daimler and BMW unveiled a joint ride-hailing, parking and electric car charging business on Friday (February 22) to compete with mobility services provided by Uber and other tech firms.
    The luxury car firms said they would invest more than 1 billion euros ($1.13 billion) to expand the joint venture, shifting beyond manufacturing and car sales towards pay-per-minute or pay-per-mile systems.
    Consultancy PwC has said carmakers face marginalisation by cash-rich technology firms unless they develop services based on vehicle usage.
    Established ride-hailing firms have been expanding.
    China's Didi Chuxing aims to build its business in Latin America and Uber is gaining a stranglehold on its U.S. market.
    Daimler's Car2Go car-sharing brand will be combined with BMW's DriveNow, ParkNow and ChargeNow businesses, with both carmakers holding 50 percent stake in the venture.
    Daimler CEO Dieter Zetsche and BMW Chief Executive Harald Krueger also commented on U.S. punitive tariffs, saying they believed in free trade and that together, they were one of the biggest investors in the United States as well as the country's largest car exporter.
    (Production: Martin Schlicht, Michele Sani)
  • Copyright Holder: REUTERS
  • Copyright Notice: (c) Copyright Thomson Reuters 2019. Open For Restrictions - http://about.reuters.com/fulllegal.asp
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