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BREAKING NEWS

Daimler buys 20 percent stake in VW's Heycar used-car platform

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Daimler buys 20 percent stake in VW's Heycar used-car platform

Daimler buys 20 percent stake in VW's Heycar used-car platform
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Hannibal Hanschke(Reuters)
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HAMBURG (Reuters) - Germany's Daimler is buying a 20 percent stake in Heycar, a used-car portal launched last year by its rival Volkswagen <VOWG_p.DE>, VW said on Thursday.

Daimler is acquiring the shares through a capital increase at Mobility Trader Holding company, which operates Heycar through a subsidiary in Germany, Volkswagen added.

The purchase price was not made public.

VW's financing arm wants the online platform to compete in the used-cars market with German market leader mobile.de and Autoscout.24, which is run by Scout24.

(Reporting by Jan Schwartz; writing by Riham Alkousaa; editing by Thomas Seythal)

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