In brief: BMW plots entry into China’s ride-hailing market

Germany’s BMW plans to launch ride-hailing services in China in December, the first global automaker to obtain such a license in the fast-growing market.

BMW Mobility Service Ltd., a fully owned subsidiary of the BMW Group, obtained its ride-hailing license in Chengdu, the capital of Sichuan province in China’s southwest, BMW said.

Source: Reuters

Rival German automaker Daimler said last month that it would be launching a ride-hailing service in China with local partner Geely.

The country’s ride-hailing industry is reportedly worth US$23 billion, making it the world’s largest. Homegrown app Didi Chuxing is the dominant player, with a 90 percent share of the market.