s
Global EditionASIA 中文双语Français
Business
Home / Business / Motoring

Consortium of carmakers, tech firm to invest 9.76b yuan in ride-sharing sector

By He Wei in Shanghai | chinadaily.com.cn | Updated: 2019-03-22 15:40
Share
Share - WeChat
An electric-powered car by the Changan automobile company at the IEEV New Energy Vehicles Exhibition in Beijing on Oct 18, 2018. [Photo/VCG]

A consortium of automakers led by Chongqing Changan and tech firms, including Suning, Alibaba and Tencent, have agreed to set up a joint venture to invest in the ride-sharing industry, the automaker said on Friday.

The companies will invest a total of 9.76 billion yuan, with Congqing Changan chipping in 1.6 billion yuan ($1.46 billion), it said in an exchange filing. Suning's investment arm will become the biggest shareholder with 17.42 percent stake, whereas car manufacturers like Changan, Dongfeng and FAW Group each will have 16.39 percent.

The remainder shares will be held by affiliates of Alibaba, Tencent and other funds.

The joint venture will invest in the ride-sharing industry with focus on new energy vehicles. It will set up a ride-sharing company.

Top
BACK TO THE TOP
English
Copyright 1995 - . All rights reserved. The content (including but not limited to text, photo, multimedia information, etc) published in this site belongs to China Daily Information Co (CDIC). Without written authorization from CDIC, such content shall not be republished or used in any form. Note: Browsers with 1024*768 or higher resolution are suggested for this site.
License for publishing multimedia online 0108263

Registration Number: 130349
FOLLOW US
CLOSE