BMW, Daimler Will Invest $1.1 Billion in Mobility JV

BMW AG and Daimler AG intend to invest more than €1 billion ($1.1 billion) in the 50:50 joint venture that combines their ride-hailing, parking and electric car-charging services.

The two companies received regulatory approvals in December to merge their respective mobility businesses. Their intent is to give customers access to all services through one smartphone app.

The venture, which aims to challenge such rivals as DiDi Chuxing and Uber Technologies, will be based in Berlin. It melds BMW’s DriveNow, ParkNow and ChargeNow businesses with Daimler’s Car2Go car-sharing operation. The services are being offered under five brands:

• Charge Now (EV charging)
• Free Now (taxi, ride-hailing, e-scooters)
• Park Now (on- and off-street parking)
• Reach Now (multi-modal trips)
• Share Now (car sharing)

Eventually, the portfolio will feature a fleet of electric, autonomous vehicles that can drive, park and recharge themselves automatically—and connect with other modes of personal transportation, according to BMW CEO Harald Krueger.

The partners say their existing services already cater to 60 million active customers in Europe and the U.S.