BMW and Daimler formed a JV, investing €1bn in joint mobility services provider.

BMW and Daimler are pooling their mobility services to create a new global player providing sustainable urban mobility for customers. The two companies are investing more than €1bn in total to develop and more closely intermesh their offerings for car-sharing, ride-hailing, parking, charging and multimodal transport. The cooperation comprises five joint ventures: REACH NOW for multimodal services, CHARGE NOW for charging, FREE NOW for taxi ride-hailing, PARK NOW for parking and SHARE NOW for car-sharing. “Our mobility services have developed a strong customer base and we are now taking the next strategic step. We are pooling the strength and expertise of 14 successful brands and investing more than €1bn to establish a new player in the fast-growing market for urban mobility,” Dieter Zetsche, Chairman of the Board of Management of Daimler and Head of Mercedes-Benz Cars.