BMW

BMW has made plans to launch ride-hailing services in China beginning from next month marking it as the first global automaker to obtain a license to do so in the rapidly growing Chinese market. A fully owned subsidiary of the German automaker secured a ride-hailing license in the Chengdu region to take on this task.

It’s increasing its stake in its joint venture with Brilliance China Automotive to 75% and will strive for market share in a market dominated by ride-hailing giant Didi Chuxing. The Chinese ride-hailing market is worth $23 billion according to consulting firm Bain & Co indicating a large market for firms to tap into.

The Chinese market is a target for various automakers to set up shop being fast-growing day by day, other automakers such as Daimler have also made plans to launch ride-hailing services in the region. It took to a joint venture with Chinese auto giant Geely for this.

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