BMW and Daimler will spend over $1 billion on the future of transportation
BMW and Daimler, two giants in the automobile sector, are pooling their resources in a joint mobility effort that spans autonomous cars, ride-hailing, electric scooters, car-sharing, and electric car charging. The two companies announced on Friday that their intention is to spend $1.13 billion on the venture, an eye-popping sum designed to make the rest of the industry sit up and take notice.
The move comes amid widespread uncertainty in the auto industry, with declining sales and an ongoing trade war threatening to upend the business. Against this backdrop, automakers are embracing new business models and alternatives to personal car ownership as well as disruptive technologies like self-driving cars.
BMW and Daimler, the parent company of Mercedes-Benz, believe that by combining their efforts on these projects, they can dominate the field. But it’s also about spreading the risk, so no one company ends up losing too much if these alternatives fizzle out.
Read More – The Verge |
