Auto giants to invest in ride-sharing industry

A consortium of Chinese automakers and retail and internet giants have agreed to set up a joint venture to invest in the ride-sharing industry.

Total investment in the proposed entity is expected to reach 9.76 billion yuan ($1.46 billion), with Chongqing Changan Automobile Co Ltd chipping in 1.6 billion yuan, the automaker said in an exchange filing on Friday.

The investment arm of retail conglomerate Suning Holdings Group Ltd will become the biggest shareholder with a 17.42 percent stake, whereas car manufacturers Changan, Dongfeng Motor Co Ltd and China FAW Group Corp will each own 16.39 percent.