T3’s funding round comes as ride-hailing companies step up efforts to take market share from China’s ride-hailing market leader Didi Global Inc.
see photosThe company did not disclose its valuation after funding
State-owned automaker FAW, T3, a Chinese ride-hailing company backed by Dongfeng and Chang’an, said on Tuesday it has raised 7.7 billion yuan ($1.2 billion) for expansion. T3’s funding round comes as ride-hailing companies step up efforts to take market share from China’s ride hailing market leader Didi Global Inc, which is facing cybersecurity investigations by Chinese authorities.
T3, along with other ride hailing companies including Meituan’s and Geely’s Cao Cao, is offering promotions to attract more users.
The company did not disclose its valuation after the funding. Investors in this funding include Yingtong Technology, online travel platform Tongcheng and Virtu Capital, an investment company led by Dong Yang, former head of the China Association of Automobile Manufacturers (CAAM), T3 said in a statement.
0 notes
The ride hailing industry in China is under scrutiny by the country’s regulators, who are urging ride hailing companies to hire qualified drivers to comply with relevant regulations and protect data security.
for the latest auto news And ReviewFollow carandbike.com Twitter, Facebookand subscribe to our youtube Channel.
.