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

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

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

Daimler CEO Dieter Zetsche and BMW's Harald Krueger held a joint news conference in Berlin on Friday to outline their efforts in auto-related services, which include short-term rentals of vehicles in big cities through smartphone apps.

The two carmakers revealed the results of their plans in Berlin on Friday: a €1 billion investment in a total of five joint ventures - Reach Now for multimodal services, Charge Now for vehicle charging, Free Now for ride-hailing, Park Now for parking, and Share Now for carsharing. The two automakers will invest more than 1 billion euros (about $1.1 billion) to create five separate joint ventures: Reach Now, Charge Now, Free Now, Park Now and Share Now. "We are pooling the strength and expertise of 14 successful brands and investing more than 1 billion euro to establish a new player in the fast-growing market for urban mobility". The 60 million customers we already have today will benefit from a seamlessly integrated, sustainable ecosystem of car-sharing, ride-hailing, parking, charging and multimodal transport services.

Among the five new joint ventures the BMW and Daimler plan to partner on is a mobile app to allow users to map out a route and pay ahead of time for public transportation, car-sharing and other mobility options.

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The new venture has five strands: ReachNow, a smartphone-based route management and booking service, ChargeNow for electric vehicle charging, FreeNow for taxi ride-hailing, ParkNow for parking services and ShareNow for short-term rental services.

"These five services will merge ever more closely to form a single mobility service portfolio", Krueger said. China's Didi Chuxing aims to build its business in Latin America and Uber is gaining a stranglehold on its US market.

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