Mexican Media Brands
BMW Buys Out Partner in DriveNow Car-Share Service
BMW AG has agreed to take full control of its DriveNow car-share service by buying out partner Sixt AG, the European rental car company.
Share
BMW AG has agreed to take full control of its DriveNow car-share service by buying out partner Sixt AG, the European rental car company.
Sixt says it will post a special pretax profit of about €200 million ($247 million) on the €209 million sale of its DriveNow stake.
The two companies launched DriveNow in 2011. The buyout will enable the pay-per-use service to merge with Daimler AG’s larger Car2Go car-sharing business. Reports last week indicated a deal is imminent.
Observers have been speculating for more than a year about the merger, which would help the two services compete with such rivals as Lyft and Uber. A source tells Reuters that combining DriveNow and Car2Go will create a platform that could be used to manage fleets of self-driving taxis.
RELATED CONTENT
-
Plastics: The Tortoise and the Hare
Plastic may not be in the news as much as some automotive materials these days, but its gram-by-gram assimilation could accelerate dramatically.
-
On Automotive: An All Electric Edition
A look at electric vehicle-related developments, from new products to recycling old batteries.
-
Multiple Choices for Light, High-Performance Chassis
How carbon fiber is utilized is as different as the vehicles on which it is used. From full carbon tubs to partial panels to welded steel tube sandwich structures, the only limitation is imagination.
