Caixin
Caixin Global – Latest China News & Headlines

Home >

ABOUT US

CX Tech is Caixin Global's real-time tech news portal, featuring 24-hour news, short-form analysis, and roundups from business and tech media in China.

TRENDING
New Installations of Solar Power Plunge as Subsidies Fade
Nio’s Growth Stagnates as Foreign Adversaries Expand in China
SAIC Taps India Electric Car Market With MG Model
LATEST
Air Taxi Maker EHang Slashes U.S Listing Target to $46 Million
Sweetome Acquires 2 Units as Homestay Sector Defies Sharing-Economy Gloom
Tencent-Backed iDreamSky in Talks to Buy Rival Gaming Firm Leyou
China’s AutoX Applies for License to Test Fully Self-Driving Cars in California
Beijing City Moots Limiting Gym Memberships to Three Months in Prepaid Services Crackdown
Kuaishou Reports Strong Esports User Data Thanks to League of Legends
China’s Top Global Education Ranking Sparks Pride and Controversy
China’s Software Sector Profits Up Nearly 12% in First 10 Months
Chinese-Backed DNA Testing Company Suspends U.S. Business, Lays Off Staff
New Installations of Solar Power Plunge as Subsidies Fade
Nio’s Growth Stagnates as Foreign Adversaries Expand in China
SAIC Taps India Electric Car Market With MG Model
Xiaomi Targets Indian Borrowers with New Online Lending Service
ZTE Partners With Chinese Plane-Maker for In-Flight 5G Internet Project
Chinese Chip Design Firm Goodix Given Nod to Acquire NXP’s Voice and Audio Solutions Business
Former Graft Buster Falls Under Graft Probe
Huawei Sues U.S. Telecoms Regulator Over Sales Ban
Chinese Video Streaming Service iQiyi Eyes Subscribers Abroad and Mulls Price Hikes at Home
ByteDance-Backed App TikTok is Creating Stars and Destroying Lives in India
Nintendo Partners With Tencent to Launch Switch in China
Big Tech-Backed Ride-Hailing Service Gets Nanjing Rollout

By Zhao Runhua / Jul 23, 2019 03:07 PM / Business & Tech

Photo: IC Photo

Photo: IC Photo

Another ride-hailing venture jointly backed by some of China’s biggest technology companies has begun operations in the eastern city of Nanjing, further intensifying competition in an already dog-eat-dog industry.

T3, whose investors include Tencent, Alibaba, and Suning, as well as domestic Chinese carmakers Chongqing Changan, Dongfeng Motor Group, and China FAW Group, launched Monday in the 8 million-strong city.

T3 believes its heavyweight founding members will “quickly develop the capacity to supply high-quality, safe rides that fulfill the industry’s true potential,” according to a company filing.

Founded in March, T3 has a registered capital of 9.76 billion yuan ($1.42 billion), making it one of the biggest newcomers to the ride-hailing industry, the filing shows. The company, which plans to integrate new energy vehicles into its fleet, will deploy some 20,000 cars in 2019, a number that may rise to more than 1 million by 2025, the company said.

But T3 isn’t the only ride-hailing project courted by China’s tech big-hitters. Earlier this month, both Dongfeng and FAW reached agreements with market leader Didi Chuxing that will allow customers to request their own third-party services on Didi’s open ride-hailing platform. And On Time, another Tencent-backed startup, launched its first test rides last month.

Share this article
Open WeChat and scan the QR code