Daimler and BMW, two German luxury carmakers, revealed on Friday, February 22, their plans to invest more than one €1 billion euros (US$1.13 billion) in the establishment of a new joint car sharing business, reported the Financial Times.
“We are creating a leading global game changer,” said Harald Krueger, management board chairman of BMW at a press conference in Berlin.
Daimler and BMW are planning to merge 14 of their existing car sharing businesses, such as car2go, DriveNow, as well as booking platforms and cab renting apps like ReachNow and MyTaxi.
The cooperation between the two German luxury carmakers is aiming to create five joint ventures for car sharing, parking, charging stations for electric vehicles, mobility platforms, as well as ride-sharing services.
According to Daimler and BMW, the combined number of customers of the services to be merged currently amount to 60 million worldwide. “Further cooperations with other providers, including stakes in startups and established players” would also be taken into consideration, said Dieter Zetsche, chairman of the board of management of Daimler, at the press conference.
Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.
Featured News
T-Mobile’s Acquisition of Ka’ena Corporation Receives FCC Approval
Apr 26, 2024 by
CPI
UK Regulator Announces Two New Senior Executive Appointments
Apr 26, 2024 by
CPI
Paramount Global and Skydance Media Near Merger Deal, Eyeing CEO Change
Apr 26, 2024 by
CPI
BHP Unveils £31bn Mining Megamerger Proposal with Anglo American
Apr 25, 2024 by
nhoch@pymnts.com
ByteDance Prefers Shutdown Over Sale of TikTok Amid US Ban Threats
Apr 25, 2024 by
CPI
Antitrust Mix by CPI
Antitrust Chronicle® – Economics of Criminal Antitrust
Apr 19, 2024 by
CPI
Navigating Economic Expert Work in Criminal Antitrust Litigation
Apr 19, 2024 by
CPI
The Increased Importance of Economics in Cartel Cases
Apr 19, 2024 by
CPI
A Law and Economics Analysis of the Antitrust Treatment of Physician Collective Price Agreements
Apr 19, 2024 by
CPI
Information Exchange In Criminal Antitrust Cases: How Economic Testimony Can Tip The Scales
Apr 19, 2024 by
CPI