Daimler, BMW deepen cooperation with self-driving venture

Daimler and BMW have agreed to cooperate on developing self-driving cars, the latest move by the rivals to share costs as a technology shift shakes up the industry.

The automakers have signed a memorandum of understanding to jointly develop the next generation of autonomous-driving technology, which should be market-ready by the middle of the next decade, they said Thursday in an emailed statement.

Additional partners, either technology companies or automakers, could join the venture, according to the statement. Bloomberg News first reported plans for a cooperation in December.