18 Jul

BMW takes full control of carsharing platform DriveNow

The Munich-based group will pay Sixt some 209 million euros ($259 million) for its 50-percent stake in DriveNow.Regulators are expected to approve or reject the deal by June.”With DriveNow as a wholly-owned subsidiary, we have all options for continued strategic development of our services,” BMW board member Peter Schwarzenbauer said in a statement.Sixt’s stake in the service had long been seen as the main hurdle to merging it with Mercedes-Benz maker Daimler’s rival Car2Go platform.Launched in 2011, DriveNow offers a fleet of around 6,000 BMW and Mini vehicles in 13 European cities, with more than one million customers on its books.Meanwhile, Car2Go’s 14,000-strong fleet—mostly made up of Daimler’s ultra-compact Smart cars—serves 2.6 million users in 25 cities spread across three continents. Citation: BMW takes full control of car-sharing platform DriveNow (2018, January 29) retrieved 18 July 2019 from https://phys.org/news/2018-01-bmw-full-car-sharing-platform-drivenow.html German high-end carmaker BMW said Monday it had bought partner Sixt’s share in car-sharing platform DriveNow, stoking speculation a merger with a competing service from Daimler may lie ahead. Explore further Key ride-hailing companies who are changing the industry © 2018 AFP This document is subject to copyright. Apart from any fair dealing for the purpose of private study or research, no part may be reproduced without the written permission. The content is provided for information purposes only. A merger may be lurking behind the next bend

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