A few years ago, when BlaBlaCar raised multiple megarounds, co-founder and now president Frédéric Mazzella said that the company was at a crossroad and had to choose between growth first then profitability, or profitability then growth.
The company, which allows private cars to be rented via online and mobile interfaces, announced its U.K. launch on Monday. Currently, Turo has over eight million users throughout 5,500 cities in 56 countries, one-third of that eight million having joined in 2018 alone.
Under the deal, Beijing-based Baidu will contribute its Apollo autopilot software and Wabco will provide its Autonomous Driving Open Platform Technology, a braking and steering system, to the new operating system. The pair will develop a product in the next three years.
Daimler will ensure a capital increase for heycar and in return will acquire a 20% stake in Mobility Trader Holding GmbH, which operates the heycar platform in Germany via its subsidiary, Mobility Trader GmbH.