Caixin
Caixin Global – Latest China News & Headlines

Home >

TRENDING
In Depth: China’s AI Boom Creates Demand for a New Kind of Engineer
China’s First AI Companion Rules to Curb Addiction, Protect Minors
China Clears Mobile AI Models, Paving Way for Apple Intelligence
LATEST
In Depth: China’s AI Boom Creates Demand for a New Kind of Engineer
China’s First AI Companion Rules to Curb Addiction, Protect Minors
China Clears Mobile AI Models, Paving Way for Apple Intelligence
Alibaba Leads $439 Million Funding Round for AI Video Startup AIsphere
Smartphone Shipments Slump as AI Demand Squeezes Memory Supply
StepFun Aims to Bring AI to the Masses With Smartphone
Chinese Robotics Startup Raises $200 Million
Tencent Expands AI Computing Capacity After Hy3 Demand Surge
Xiaomi Cuts Jobs Across Divisions as Earnings Come Under Pressure
Chinese AI Developer MiniMax Raises HK$16 Billion From Equity, Convertible Bond Sale
Tokopedia Downsizing Sparks Indonesian Government Concerns Over Mass Layoffs
AI Chipmaker Enflame Wins Approval for $883 Million STAR Market IPO
China’s Floods Showcase Disaster Relief Potential of Drones
Ant Group Bets Bigger on AI Healthcare
XAG Unveils Farming Drones That Don’t Always Need Piloting
Singapore Says China Didn’t Violate Local Laws by Blocking the Meta-Manus Deal
Meituan Open-Sources 1.6-Trillion-Parameter AI Model Built on Chinese Chips
Tencent Launches Final Hunyuan 3 Model With Free AI-Agent Feature
Alibaba, ByteDance Pull Persona Chatbots as China Tightens AI Rules
Alibaba Bans Staff From Using Anthropic AI Tools Over Security Concerns

By Zhao Runhua / Dec 25, 2018 01:03 PM / Business & Tech

It’s a hard time for China’s sharing economy.

Didi can’t seem to keep its passengers safe. Ofo may be close to bankruptcy. And users all around are struggling to get their deposits back.

In the latest chapter in this unfolding drama, angry customers stormed the Beijing headquarter of Togo, one of China’s earliest players in car-sharing, to demand the return of their 1,500 yuan ($218) deposits, Sina reported

The users damaged potted plants, and attempted to take away office computers as collateral, as they suspect that many of them will not get their money back until, at best, March, as Togo only processes 15 refund requests per day.

It’s unclear how many users have filed for refunds, and there is no public information on Togo’s fiscal performance, apart from a funding round worth of tens of millions of dollars in October.

Togo provides drive-and-go car-sharing services, and promises free parking and gas refills. Togo’s available car models include the BMW Mini One and Audi A3.

Togo’s heavy expenditures on cars and operations may be a key reason for the suspicious cash crunch. The company withdrew from Nanjing in September.

Related: First Bikes, Now Cars: Startups Struggle to Refund Deposits

Share this article
Open WeChat and scan the QR code