BREAKING NEWS

BREAKING NEWS

BMW to offer ride hailing services in China from December

BMW to offer ride hailing services in China from December
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Regis Duvignau(Reuters)
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BEIJING (Reuters) - Germany's BMW <BMWG.DE> plans to launch ride-hailing services in China in December, the first global automaker to obtain such a licence in the fast-growing market.

BMW Mobility Service Ltd, a fully-owned subsidiary of the BMW Group, obtained its ride-hailing licence in Chengdu, the capital of Sichuan province in China's southwest, BMW said.

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BMW Group said in October it would increase its stake in its Chinese joint venture with partner Brilliance China Automotive Holdings Ltd <1114.HK> to 75 percent from 50 percent.

China's ride-hailing market is worth $23 billion (18 billion pounds), more than all other ride-hailing markets combined, with China's Didi Chuxing dominating with 90 percent of all bookings, consulting firm Bina & Co said.

Germany's Daimler <DAIGn.DE> said in October it was setting up a ride-hailing venture in China with Geely Group [GEELY.UL], in a sign the Chinese firm was making progress in its drive for closer relations with the maker of Mercedes-Benz cars.

(Reporting by Sun Yilei in Beijing and Adam Jourdan in Shanghai; Writing by Lee Chyen Yee; Editing by Edmund Blair)

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