BMW Group announced on Wednesday that its mobility joint venture with Daimler AG received regulatory approval in the United States on Tuesday, opening the door for the transaction to be finalized by the end of January.
The statement from the company said that the aim of the joint venture is to create a "connected and sustainable ecosystem that combines CarSharing, Ride-Hailing, Parking, Charging and Multimodality from a single source."
The new operation will be equally-owned by the two German carmakers, and offer "multimodal and on-demand mobility" with moovel, a mobility service available in Germany and the US, and ReachNow, a carsharing service BMW runs in Seattle, Portland and New York City. BMW recently obtained permission to enter the Chinese market with ReachNow, specifically in the city of Chengdu.
