‘Two Chinese EV-sharing platforms in US$730m push to fuel growth’

This article first appeared in The Edge Financial Daily, on August 14, 2018.
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HONG KONG: Two electric vehicle (EV)-sharing platforms backed by powerful Chinese carmakers plan to seek external funding totalling almost US$730 million (RM2.99 billion) to fuel their growth, people with direct knowledge of the plans said.

The moves come as Beijing continues its push into the new energy vehicle sector as part of efforts to cut pollution and boost cutting-edge technology.

Caocao Zhuanche, a chauffeur ride-hailing platform backed by Zhejiang Geely Holding Group, is aiming to raise up to three billion yuan in a new funding round, at a valuation of about US$3 billion, three people said.

EvCard, an EV rental service under state-owned SAIC Motor Corp, is also considering raising some two billion yuan from external investors, according to a person with direct knowledge.

Both platforms claim that they are the first in China to offer such new energy vehicle car-sharing services. Caocao currently operates across 25 cities in China with a fleet of around 16,000 Geely-produced new energy vehicles, while EvCard has operations in 62 cities with over 27,000 cars in use, according to their websites. — Reuters