Alibaba, CATL Invest $45.8m In SAIC Motor’s Ride-hailing Brand
by DealStreetAsia 2020-12-23
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source: Official Website

Chinese e-commerce giant Alibaba and top electric vehicle (EV) battery maker Contemporary Amperex Technology Co Ltd (CATL) have invested over 300 million yuan ($45.8 million) in state-owned automaker SAIC Motor’s ride- hailing unit Xiangdao Chuxing.

The new investment, which is Xiangdao’s Series A round, marks the startup’s upgrade into a “one-stop mobility solutions” platform that offers not only ride-hailing services but also taxi and car rental services targeting both individual and corporate clients, said Xiangdao in a statement on December 18.

Xiangdao, also known as SAIC Mobility, was launched in 2018 as part of SAIC Motor’s four major development strategies that sought to enhance its capabilities in “electrification, intelligent connecting, ride-sharing, and globalisation.”

Besides car rental and car-hailing businesses, the firm is also involved in vehicle operation, maintenance & repair, auto financing, and car insurance services.

As part of the deal, Alibaba and CATL will forge in-depth cooperation with Xiangdao in autonomous driving, new energy, and big data, among others, to help the firm differentiate its offerings from existing market players including Beijing-based ride-hailing giant Didi Chuxing.

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