GAC backs Uber to boost sales

GAC Group has become a strategic investor in Uber Technologies Inc's China operations, a move that both sides believe will help boost the car-hailing service provider's presence and increase sales for the Guangzhou, Guangdong-based carmaker.

In a statement released on Wednesday, GAC said its overseas subsidiary, Zhonglong Investment Co, had invested about $100 million in Uber's second round of financing for its China operations.

In December, they signed a strategic partnership agreement under which GAC would cooperate with Uber China in sectors like equity investment, car sales, financing, service and market operations, especially for promotion of new-energy vehicles.