BMW and Daimler invest €1bn in new car venture

BMW and Daimler have unveiled a joint venture covering new-generation services such as driverless vehicles, ride-hailing, and pay-per-use cars. Normally fierce rivals, the firms are investing €1bn (£880m) in the project, which will also help drivers find parking and electric charge points. It comes as carmakers face competition from mobility services providers such as Uber and other technology firms. The two German firms said they were open to buying tech start-ups. Established ride-hailing firms have been expanding. China’s Didi Chuxing aims to expand its business in Latin America and Uber…

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