Alibaba, Tencent and other major names form $1.45B ride-hailing venture
Wednesday, March 27, 2019
By Rita Liao
For the last two years, Didi has been the dominant car-hailing force in China and its success has spawned a handful of competitors initiated by both internet firms and old-school carmakers. Just last week, another notable challenger has stepped up.
T3, which is short for “top 3”, officially launched after a dozen entities, including three major automakers, agreed to lay out a total of 9.76 billion yuan ($1.45 billion) for the joint venture following an initial agreement in July, according to an announcement released last week.
The big pile of cash will go towards “car-sharing services powered by renewable energy,” an offering that nicely aligns with Beijing’s push to electrify the transportation sector. T3’s investor list is also stellar, with the participation of three state-owned Chinese carmakers and the country’s largest internet companies, Alibaba and Tencent.
Photo courtesy of kAz.