Daily Management Review

BMW & Dailmer In A Joint New Venture To Compete With Uber & Didi Chuxing


03/29/2018


The CFO of Daimler breaks the news that two carmakers of luxury brands of Germany are coming together to create a new division eyeing a place as a global player in the sector.



BMW joins in with Daimler for a new division of “mobility services” which has aim of becoming a world player through “organic growth” as well as “acquisitions”, reported the chief financial officer of Daimler, Bodo Uebber. In Uebber’s words:
“We want to grow significantly and we are in a position to handle large acquisitions”.
 
The leading two “luxury carmakers” of Germany revealed their plans of bringing together both the business to shape up the “new services” like “car-sharing and electric vehicle charging” in an attempt to match up the competition of Uber from the U.S. as well as the Didi Chuxing from China.
 
Both the parties will be holding fifty percent of the upcoming venture, while the Uebber hinted that headquarter of the same will mostly be in Germany. Uebber also thinks that the dual “financial strength” of Daimler along with BMW could fund in the new venture for taking over, although both were “open” to including “new partners”.
 
However, as per Uebber, they are not yet focusing on listing the new company, as the “main priority” currently lies in closing the deal.
 
References:
reuters.com







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