Car-Hire Services Compete for the Ride Stuff

(Beijing) - The San Francisco-based car-service mobile application provider Uber has signed a groundbreaking agreement with Chinese new-car broker China Yongda Automobiles Services Holdings Ltd. that Yongda's president says will help Chinese car-service companies buy millions of yuan worth of German-brand cars.

The Uber-Yongda tie-up, the terms of which were not disclosed, was announced on March 18, about a month after China's largest car-service and taxi-hailing app providers, Didi Dache and Kuaidi Dache, cut a similar cooperation deal.