BMW AG and Daimler AG have agreed to form a joint venture that combines several of their existing mobility start-ups in a combination ride-hailing, parking, and electric-car charging business. The venture, into which the two automakers will invest a €1 billion ($1.13 billion), will combine Daimler's Car2Go car-sharing business with BMW's DriveNow, ParkNow, and ChargeNow businesses. Each automaker will hold a 50% share of the new business. The joint venture was initially announced almost a year ago, but details of the final outline for the project required European regulatory approval. Both partners also reserved some of their mobility ventures from the new project: Daimler still plans to introduce a robot-taxi service in San Jose, Calif., later this year (in partnership with Bosch); and BMW is still developing its own self-driving electric car.