Uber Technologies Inc (NYSE:UBER) is reportedly considering strategic maneuvers to expand its market share in Europe. The San Francisco-based company is in discussions to purchase BMW and Daimler's German ride-sharing app Free Now, according to Bloomberg.
The Bloomberg piece reports Uber expressed interest after the joint venture failed to attract interest and new investors during the pandemic-related industry decline.
The early-stage talks would increase Uber's market share in Europe and Latin America. The talks won't necessarily lead to a deal.
FreeNow was just one arm of the JV, which also includes parking services, car sharing, and EV charging.
Early last year, BMW-Daimler invested $1.13 billion in a new JV that combined Daimler's Car2Go car-sharing unit and BMW's DriveNow, ParkNow, and ChargeNow. The businesses share an even stake in the business.
In December, the companies shuttered the car sharing operations in North America, Brussels, London, and Florence citing high costs and low user numbers.
Daimler and BMW’s shopping of Free Now reflects their focus on generating cash and improving efficiency within their core automotive operations. Carmakers have been scaling back their mobility-service ambitions, with General Motors Co. shutting down its Maven car-sharing business earlier this year and Ford Motor Co. ceasing its Chariot shuttle service in 2019.
UBER shares dropped 25 cents to $35.31.
Tech Insider
