BMW is preparing to enter China’s ride-hailing market in December after its mobility subsidiary won a licence in Chengdu, the capital of Sichuan province in southwest China.
The company said BMW Mobility Service Ltd, a wholly owned unit of BMW Group, received the approval in Chengdu, making BMW the first global automaker to secure such a licence in the country.
The planned launch comes as BMW expands its footprint in China. In October, the group said it would lift its stake in its joint venture with Brilliance China Automotive Holdings Ltd to 75 percent from 50 percent.
China remains the largest ride-hailing market in the world. Bain & Co has estimated it is worth $23 billion, with Didi Chuxing controlling about 90 percent of bookings.
BMW’s move follows a similar step by Daimler, which said in October it was setting up a ride-hailing venture in China with Geely Group.
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