Photo: ReutersMunich: BMW AG plans to boost its investments in start-ups, as competition intensifies with new rivals including Tesla Motors Inc. over technologies that make cars smarter and more energy efficient. The luxury-vehicle maker will invest as much as €500 million ($533 million) through its iVentures capital fund over 10 years, Munich-based BMW said Monday in a statement. The fund, which started in 2011 with €100 million, will add autonomous driving to its investment areas and expand its reach from the US to Europe and Asia. In addition to investing in start-ups, BMW holds a stake in real-time maps venture HERE, co-owned by rivals Daimler AG and Volkswagen AG’s Audi. “These days, more and more innovations come from the start-up scene,” said Peter Schwarzenbauer, the BMW executive who oversees car sharing.

Source: Mint November 29, 2016 13:13 UTC