The BMW group has announced that they have signed an agreement to buy out Sixt SE’s stake in their joint venture DriveNow. Launched as a partnership in 2011, DriveNow has grown to become a million-member platform across 13 European cities that uses a fleet of 6,000 BMW and MINI cars across the continent.
This move is significant in the BMW Group’s aim of becoming a mobility solutions provider with DriveNow and ReachNow as it adds on to their initiatives in parking (ParkNow) and charging (ChargeNow).
“We have achieved extraordinary success with DriveNow over the past seven years – thanks to the efforts of the DriveNow employees and the excellent cooperation with our joint venture partner, Sixt. Sixt will remain a strong partner for us in the future,” said Peter Schwarzenbauer, member of the Board of Management of BMW AG, responsible for MINI, Rolls-Royce, BMW Motorrad, Customer Engagement and Digital Business Innovation BMW Group. “Our aim is to win 100 million customers for our premium mobility services by 2025. With DriveNow as a wholly-owned subsidiary, we have all options for continued strategic development of our services in our hands. Our experience with mobility services supports our development of future autonomous, electrified and connected fleets,” Schwarzenbauer continued.
We can expect further consolidation of the mobility market as larger volumes of scale draw further investment into these growth areas.