Daimler, an automotive company that produces premium cars and commercial vehicles have inked a deal with BMW to invest in services such as driverless vehicles, ride-hailing and parking services to take on Uber and Lyft. Notably, the German firms invested around €1 billion into this joint venture.
Uncertainty in auto industry!
This strategic move comes ahead amidst the uncertainty in the auto industry with a decline in sales, trade war and other issues. In this regard, the automakers are developing a new business model instead of concentrating on ownership.