<article>German carmakers <a href="http://dealstreetasia.com/tag/daimler">Daimler</a> and <a href="http://dealstreetasia.com/tag/BMW">BMW</a> unveiled a joint ride-hailing, parking and electric car charging business on Friday to compete with mobility services provided by <a href="http://dealstreetasia.com/tag/Uber">Uber</a> and other tech firms.</article>

German carmakers <a href="http://dealstreetasia.com/tag/daimler">Daimler</a> and <a href="http://dealstreetasia.com/tag/BMW">BMW</a> unveiled a joint ride-hailing, parking and electric car charging business on Friday to compete with mobility services provided by <a href="http://dealstreetasia.com/tag/Uber">Uber</a> and other tech firms.
The luxury car firms said they would invest more than 1 billion euros ($1.13 billion) to expand the joint venture, shifting beyond manufacturing and car sales toward pay-per-minute or pay-per-mile systems.
Consultancy PwC has said carmakers face marginalization by cash-rich technology firms unless they develop services based on vehicle usage.
Established ride-hailing firms have been expanding. China&#8217;s Didi Chuxing aims to build its business in Latin America and Uber is gaining a stranglehold on its U.S. market.
&#8220;Further cooperation with other providers, including stakes in startups and established players, are also a possible option,&#8221; Daimler&#8216;s Chief Executive Dieter Zetsche said.
Daimler&#8216;s Car2Go car-sharing brand will be combined with BMW&#8217;s DriveNow, ParkNow and ChargeNow businesses, with both carmakers holding 50 percent stake in the venture.
The venture has five strands: REACH NOW, a smartphone-based route management and booking service, CHARGE NOW for electric car charging, FREE NOW for taxi ride-hailing, PARK NOW for parking services and SHARE NOW for car-sharing.
&#8220;These five services will merge ever more closely to form a single mobility service portfolio with an all-electric, self-driving fleet of vehicles that charge and park autonomously,&#8221; said BMW Chief Executive Harald Krueger.
BMW and Daimler are working to develop autonomous cars, vehicles which could enable them to up-end the market for taxi and ride-hailing services.
Also read:
<a href="https://www.dealstreetasia.com/stories/bmw-to-launch-ride-hailing-services-in-china-from-december-111605/">BMW to launch ride-hailing services in China from December</a>
<a style="color: #ff0000;" href="https://www.dealstreetasia.com/stories/germanys-daimler-to-set-up-ride-hailing-jv-with-geely-in-china-109736/">Germany’s Daimler to set up ride-hailing JV with Geely in China</a>
Reuters

German carmakers Daimler and BMW unveiled a joint ride-hailing, parking and electric car charging business to compete with the likes of Uber.

Daimler, BMW to invest $1.1b in mobility services venture to rival Uber, others

Bring stories like this into your inbox every day.

Sign up for our newsletter - The Daily Brief

Daimler, BMW to invest $1.1b in mobility services venture to rival Uber, others

Start your deal-making journey now!

Bring stories like this into your inbox every day.

Sign up for our newsletter - The Daily Brief