BMW And Daimler To Invest €1bn In New Generation Car Tech

22nd February 2019

BMW and Daimler also said they were open to buying or investing in tech start-ups.

German car giants BMW and Daimler have teamed up to invest €1 billion in new generation services such as driverless vehicles, ride-hailing, parking services, as well as pay-per-use car schemes.

The new joint venture has five strands – Reach Now: a smartphone-based route management and booking service; Charge Now: expanding electric car charging; Free Now: for taxi ride-hailing; Park Now: dedicated to offering parking services; and Share Now: for car-sharing.

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,"

The venture would be "a key cornerstone in our strategy as a mobility provider," he said, adding: "The co-operation is the perfect way for us to maximize our chances in a growing market, while sharing the investments."

Daimler’s CEO Dieter Zetsche added that further co-operation with other providers, including stakes in start-ups and established players, were also a possible option.

6th March 2019

The buyer is thought to be Ferdinand Piech, the grandson of the founder of Porsche.

11th February 2019

Contractors are excavating and casting the first clusters of over 460 concrete and steel piles requi...

Vanessa Conneely - 6th February 2019

The move is aimed at making the car more affordable.

4th February 2019

Works inside these tunnels will commence this year, as soon as the required contractors are identifi...

BMW And Daimler To Invest €1bn In New Generation Car Tech