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.


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6th March 2019

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

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11th February 2019

Contractors are excavating and casting the first clusters of over 460 concrete and steel piles required to support the seven flyovers’ 42 pillars.

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Vanessa Conneely - 6th February 2019

The move is aimed at making the car more affordable.

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4th February 2019

Works inside these tunnels will commence this year, as soon as the required contractors are identified through the ongoing procurement processes.