Uber Weighs Purchase Of BMW-Daimler Ride-Hailing Venture

Uber Technologies Inc. is considering a purchase of Daimler AG and BMW AG’s ride-hailing joint venture Free Now, a deal that could boost its market share in Europe and Latin America, people with knowledge of the matter said. Uber expressed interest in a potential acquisition of Free Now after the venture’s efforts to attract additional investors struggled to gain traction amid the coronavirus pandemic, according to the people, who asked not to be identified because the information is private. Representatives for Uber and BMW declined to comment, and a Daimler spokeswoman said the company doesn’t comment on speculation. Daimler and BMW merged their mobility operations last year and folded them into a joint venture called Your Now, which comprises five business including the Free Now ride-hailing service. Daimler valued the equity investment in its half of the Your Now venture at 618 million euros at the end of June. Uber has been looking to shed minority holdings in several ride-hailing operations recently, including portions of its stakes in China’s Didi Chuxing and the Southeast Asian ride-share company Grab. Daimler and BMW’s shopping of Free Now reflects their focus on generating cash and improving efficiency within their core automotive operations.