London (CNN Business) BMW and Daimler are putting more than $1 billion into a joint venture that will develop ride-sharing, charging and parking services.

The rival German carmakers announced the investment on Friday in Berlin, describing their mobility business as a "global game changer" that could help fend off challenges from upstarts including Uber.

Daimler DDAIF "Our mobility services have developed a strong customer base and we are now taking the next strategic step,"boss Dieter Zetsche said in a statement.

The venture is one example of how established automakers are forming partnerships to share the costs of developing technologies including autonomous driving systems and electric vehicle platforms.

"Further cooperation with other providers, including stakes in startups and established players, are also a possible option," said Zetsche, who also oversees Daimler's Mercedes-Benz brand.

Daimler boss Dieter Zetsche meets BMW chairman Harald Krüger in Berlin.

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