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1-min read

BMW Takes Full Control of Car-Sharing Platform DriveNow

Launched in 2011, DriveNow offers a fleet of around 6,000 BMW and Mini vehicles in 13 European cities, with more than one million customers on its books.

AFP Relaxnews

Updated:January 30, 2018, 10:58 AM IST
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BMW Takes Full Control of Car-Sharing Platform DriveNow
BMW logo. (Photo: Reuters)
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German high-end carmaker BMW said Monday it had bought partner Sixt's share in car-sharing platform DriveNow, stoking speculation a merger with a competing service from Daimler may lie ahead. The Munich-based group will pay Sixt some 209 million euros ($259 million) for its 50-percent stake in DriveNow. Regulators are expected to approve or reject the deal by June.

"With DriveNow as a wholly-owned subsidiary, we have all options for continued strategic development of our services," BMW board member Peter Schwarzenbauer said in a statement.

Also Read: 2018 Maruti Suzuki Swift Variant Wise Features Explained

Sixt's stake in the service had long been seen as the main hurdle to merging it with Mercedes-Benz maker Daimler's rival Car2Go platform.

Launched in 2011, DriveNow offers a fleet of around 6,000 BMW and Mini vehicles in 13 European cities, with more than one million customers on its books. Meanwhile, Car2Go's 14,000-strong fleet -- mostly made up of Daimler's ultra-compact Smart cars -- serves 2.6 million users in 25 cities spread across three continents.

Also Watch: 2018 Maruti Suzuki Swift Review (First Drive) | Cars18

| Edited by: Ayushmann Chawla
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