BMW goes after share of ride-hailing market

BMW AG is revving up to enter China's sizable ride-hailing market in December amid a growing trend of traditional carmakers opting for diversified revenue streams.

The German carmaker said late Wednesday that it has won a permit to conduct the business in Chengdu, Sichuan province, making it the first foreign company to receive such authorization in the city, with the service to become available next month.

The service provider will be its wholly owned subsidiary, BMW Mobility Service Ltd, which was registered in Chengdu in April with a registered capital of 50 million yuan ($7.2 million).