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BREAKING NEWS

Daimler, BMW to invest more than 1 billion euro in mobility services

Daimler, BMW to invest more than 1 billion euro in mobility services
FILE PHOTO: The Daimler is seen during a press conference on the second press day of the Paris auto show, in Paris, France, October 3, 2018. REUTERS/Regis Duvignau -
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REGIS DUVIGNAU(Reuters)
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BERLIN (Reuters) - German carmakers Daimler and BMW deepened their cooperation on Friday by unveiling a combined ride-hailing, parking and electric car charging business to counter emerging rivals like Uber from the United States.

The luxury car manufacturers said they have earmarked more than 1 billion euros (867.90 million pounds) to expand their mobility services business as carmakers move beyond manufacturing and selling cars, towards a pay-per-minute system based on vehicle usage.

Daimler's Car2Go car-sharing business will be combined with BMW's DriveNow, ParkNow and ChargeNow businesses, with both carmakers holding 50 percent stake in the venture.

(Reporting by Irene Presinger; Writing by Edward Taylor; Editing by Ludwig Burger)

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