By Kim Richters
BMW AG and Mercedes-Benz Group AG said Tuesday that they have agreed to sell their car-sharing joint venture Share Now to Stellantis NV.
The two German car makers didn't disclose financial terms of the deal, which is subject to antitrust authorities' approval.
BMW and Mercedes-Benz, which was called Daimler at the time, created the car-sharing venture in 2019. They now plan to further develop their joint ventures Free Now, which is a mobility app, and Charge Now, which offers electric-charging services.
"With the acquisition of Share Now, Stellantis' mobility subsidiary Free2move would have the opportunity to further expand car sharing in Europe and thus meet the diverse mobility needs of its customers," the German companies said in a joint release.
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(END) Dow Jones Newswires
May 03, 2022 02:16 ET (06:16 GMT)Copyright (c) 2022 Dow Jones & Company, Inc.