Video: BMW and Daimler invest $1.1 billion to create urban mobility joint venture

Competitors for more than 100 years, BMW Group and Daimler are joining forces with a combined investment of $1.1-billion to create a joint venture for urban mobility systems. The goal is to fundamentally improve the way people move around in an urban environment and pave the way autonomous and electrified vehicle fleets. Currently, the two companies’ mobility services have a strong customer base of 60 million. By combining the strengths of 14 successful brands, the joint venture will offer five joint mobility services: Reach Now for multimodal transport, Charge Now for charging, Free Now for taxi ride-hailing, Park Now for parking, and Share Now for car-sharing. As financially strong companies, both BMW and Daimler are prepared to continue making massive investments in their joint mobility services. The two partners from Stuttgart and Munich have selected Berlin as the headquarters of their joint mobility services and plan to create 1,000 new jobs worldwide in the next few years.