Daimler has announced that its plans to form a joint mobility company with the BMW Group will not come to fruition in 2018. The new business is expected to be established at the beginning of next year.

Following the approval of the project by the EU Commission, the two partners are continuing talks with the US antitrust authorities. Completion of the transaction, which was originally planned for 2018 and continues to be pursued by both partners, can no longer be achieved in the remaining weeks of this year.

With their joint venture, Daimler AG and BMW Group plan to combine their mobility services in the fields of car sharing, ride hailing, parking, charging and multimodality, and to create one of the leading providers of innovative mobility services.

Both automakers say they want to “shape the future of mobility” and address the challenges of urban mobility, not only for customers but also to support cities and municipalities in their pursuit of achieving sustainable urban mobility.

“In the future, customers will have a holistic, intelligent and seamlessly linked ecosystem of mobility services at their disposal at the touch of a button,” Daimler said in a press release update on the joint company.