ReutersNov 22, 2018 08:58:41 IST
Germany’s BMW plans to launch ride-hailing services in China in December, the first global automaker to obtain such a license in the fast-growing market.
BMW Mobility Service Ltd, a fully-owned subsidiary of the BMW Group, obtained its ride-hailing license in Chengdu, the capital of Sichuan province in China’s southwest, BMW said.
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, more than all other ride-hailing markets combined, with China’s Didi Chuxing dominating with 90 percent of all bookings, consulting firm Bain & Co said.
Germany’sDaimler said in October it was setting up a ride-hailing venture in China with Geely Group, in a sign the Chinese firm was making progress in its drive for closer relations with the maker of Mercedes-Benz cars.
(The story refiles to fix spelling of Bain in fourth paragraph.)
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