Daimler and BMW formed a mobility joint venture.

Daimler and BMW, two German automotive corporations, formed a mobility joint venture to offer customers a single source for sustainable urban mobility services. The two companies signed an agreement to merge their mobility services business units. Each company will hold a 50% stake in a joint-venture model comprising both companies’ mobility services. The two companies will remain competitors in their respective core businesses. Financial terms were not disclosed. The aim of this transaction is to become a leading provider of innovative mobility services. Both automotive manufacturers aim to shape the mobility of the future to be able to offer their customers unique experiences and support their partners, such as cities and communes, in achieving sustainable urban mobility.