BMW and Daimler, two giants in the automobile sector, are pooling their resources in a joint mobility effort that spans autonomous cars, ride-hailing, electric scooters, car-sharing, and electric car charging. The two companies announced on Friday that their intention is to spend $1.13 billion on the venture, an eye-popping sum designed to make the rest of the industry sit up and take notice.
The move comes amid widespread uncertainty in the auto industry, with declining sales and an ongoing trade war threatening to upend the business. Against this backdrop, automakers are embracing new business models and alternatives to personal car ownership as well as disruptive technologies like self-driving cars.
BMW and Daimler, the parent...
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