Alibaba’s mapping unit, AutoNavi Holdings Ltd. also known as Gaode Map, has launched its own carpooling business, starting in Chengdu and Wuhan initially with plans to roll out nationally. In a move that declares war to existing ride sharing leader Didi Chuxing, AutoNavi’s expansion into the shared mobility space further complicates a sector that was… Continue reading Alibaba’s Mapping Unit AutoNavi Declares War On Didi Via Launch Of Carpooling Business
Author: China Money Network Online News
Germany’s Continental and Chinese Auto Parts Maker CITC Team Up To Develop Hybrid Battery Systems
Continental AG (CON.XE), a German automotive supplier, said it plans to set up a joint venture with Chinese auto parts maker Sichuan Chengfei Integration Technology Co. to develop and manufacture 48-volt battery systems for cars. Continental AG will hold a 60% interest in the joint venture and the rest will be held by CITC, a… Continue reading Germany’s Continental and Chinese Auto Parts Maker CITC Team Up To Develop Hybrid Battery Systems
Ofo Borrows $280M From Alibaba As Financial Troubles Escalate At Bike Sharing Firm
In a sign of financial distress derived from shareholder disagreements, bike sharing company Ofo has mortgaged its own bicycles in order to receive two loans worth RMB1.77 billion (US$280 million) from Alibaba’s affiliates, according to data from the National Enterprise Credit Information Publicity System. By pledging more than four million bikes, ofo risks losing its most… Continue reading Ofo Borrows $280M From Alibaba As Financial Troubles Escalate At Bike Sharing Firm
Alibaba Leads $866M Financing Round In Ofo, Increasing Control Of Bike-sharing Firm
China’s bike-sharing firm ofo announced that it has raised US$866 million in equity and debt capital in a funding round led by Alibaba Group Holding Ltd. The deal increases Alibaba’s control over the company and further distances ofo from its major shareholder Didi Chuxing. Alibaba’s financial affiliate Ant Financial, Haofeng Group, Tianhe Capital and Junli… Continue reading Alibaba Leads $866M Financing Round In Ofo, Increasing Control Of Bike-sharing Firm
Chehaoduo, Formerly Guazi, Raises $818M Series C Round Led By Tencent
Chehaoduo, a Chinese auto retail services platform formerly known as Guazi, has raised US$818 million series C round of financing led by Tencent Holdings Ltd. New investors including ICBC International, Yunfeng Capital, FountainVest Partners, GIC, IDG Capital and Taihe Capital also participated in the latest round. Existing investors Sequoia Capital China, H Capital, DST Global,… Continue reading Chehaoduo, Formerly Guazi, Raises $818M Series C Round Led By Tencent
Mobike Expands In Europe With Bike Rental Services In Florence And Milan
Chinese bike rental firm Mobike extended its footprint in Europe today with trial launches in the Italian cities of Florence and Milan. The move follows the Shanghai-based company’s previous international expansions into Singapore, the United Kingdom and Japan. “With the landing of Mobike in Florence today, it marks another solid step for our city toward… Continue reading Mobike Expands In Europe With Bike Rental Services In Florence And Milan
Limebike Raises $70M B+ Round As Bike Sharing Competition Intensifies
US-based bike sharing company LimeBike has raised a US$70 million B+ round, the company announced today. The funds will suppport the company’s expansion beyond its core bike rental business, to include electric bikes and scooters, differentiating it from Chinese bike sharing giants such as Mobike and ofo. California-based Fifth Wall Ventures led the funding round, which brings… Continue reading Limebike Raises $70M B+ Round As Bike Sharing Competition Intensifies
Exclusive: Electric Vehicle Firm Byton To Raise New Round From Chinese State Investor At $1.2B Valuation
China officially has five electric vehicle companies valued at US$1 billion or more, as China Money Network has learned that Byton, an EV start-up rooted in China, is currently seeking a new financing round at a minimum valuation of US$1.2 billion. Byton, previously known as Future Mobility Corp, last raised around US$200 million at a… Continue reading Exclusive: Electric Vehicle Firm Byton To Raise New Round From Chinese State Investor At $1.2B Valuation
Faraday Future Claims Ex-CFO Stole Trade Secrets From Electric Car Company
Faraday Future, the Los Angeles based electric car company run by China’s Jia Yueting, who also founded LeEco, has filed a lawsuit against Evelozcity, a start-up founded by its former chief financial officer Stefan Krause, for allegedly stealing trade secrets. Faraday Future also accused Krause and former CTO Ulrich Kranz of luring away at least 20… Continue reading Faraday Future Claims Ex-CFO Stole Trade Secrets From Electric Car Company
Alibaba, Foxconn, IDG Lead $348M Investment In Chinese Smart Car Maker Xiaopeng Motors
Chinese electric vehicle maker Xiaopeng Motors has raised RMB2.2 billion (US$348 million) in a series B round led by Alibaba Group Holding Ltd., IDG Capital and Taiwanese electronics manufacturer Hon Hai Precision Industry Co., Ltd., also known as Foxconn. Jack Ma-backed Yunfeng Capital, Apoletto Asia, CICC, and existing investors GGV Capital, Matrix Partners China and Morningside Venture… Continue reading Alibaba, Foxconn, IDG Lead $348M Investment In Chinese Smart Car Maker Xiaopeng Motors