November 21, 2018 16:12 CET
BEIJING/SHANGHAI — BMW plans to launch a ride-hailing service in China in December, the first foreign automaker to obtain such a license in the fast-growing market.
BMW Mobility Service, 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.
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.
Rival Daimler said it was setting up a ride-hailing venture in China with Geely Group, in a sign the Chinese company was making progress in its drive for closer relations with the German automaker.
BMW said in October it would increase its stake in its Chinese joint venture with partner Brilliance China Automotive Holdings to 75 percent from 50 percent.
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