December 06, 2018 - Joint mobility company to be established with BMW next year
- Completion of transaction expected in 2019
- Anticipated earnings effect at Daimler Financial Services to be recognized in 2019
Stuttgart, Germany - The planned joint mobility company with the BMW Group is expected to be established at the beginning of next year. This has been agreed by Daimler AG and BMW Group. Following the approval of the project by the EU Commission, the two partners are continuing talks with the US antitrust authorities. Completion of the transaction, which was originally planned for 2018 and continues to be pursued by both partners, can no longer be achieved in the remaining weeks of this year.
In this context, the expected significant positive valuation and earnings effects at Daimler Financial Services will be realized in 2019. Accordingly, the earnings forecast for the Daimler Financial Services division has been reduced for 2018. The division now expects EBIT to be significantly lower than in the previous year. The forecast for the Daimler Group’s EBIT in the 2018 financial year remains unaffected and unchanged. As previously announced, the transaction will not have any cash-flow impact on the industrial business.
With their joint venture, Daimler AG and BMW Group plan to combine their mobility services in the fields of car sharing, ride hailing, parking, charging and multimodality, and to create one of the leading providers of innovative mobility services. Both automobile manufacturers want to shape the future of mobility in order to offer their customers unique experiences and to support partners such as cities and municipalities along the way to achieving sustainable urban mobility. In the future, customers will have a holistic, intelligent and seamlessly linked ecosystem of mobility services at their disposal at the touch of a button. In this way, the two partners are addressing the challenges of urban mobility as well as customers’ requirements and, together with cities, municipalities and other interest groups, are helping to improve the quality of life in metropolises.