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

Daimler, BMW will invest 1.13 billion in mobility JV to rival Uber

Daimler, BMW will invest 1.13 billion in mobility JV 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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