Caixin Global – Latest China News & Headlines

Home >


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 in China: How Will the Chinese Diaspora Survive a WeChat Ban In U.S.?
Online Platform Buys into Bricks and Mortar Convenience Store Chain
China Unicom Profits Rise in First Half, Stock Soars
ByteDance in Talks with Indian Conglomerate Over TikTok Amid Layoff Fears
Alibaba’s Zhang Yong Tops 2020 Forbes China Best CEOs List
Trending: Family Feud Raises Big Questions Over Succession in China’s Multi-Million “Family” Businesses
Shanghai-Listed Foxconn Internet’s Cloud Service Sales Up 4% in First Half of 2020
U.S.-Listed Chinese Companies Nio and Huya Have Something to Cheer About
Apple Edges Huawei Out of No. 1 in Quarterly Tablet Shipments
Chinese Finance Platform Lufax Files for U.S. IPO of up to $3 Billion
China Mainland Leads U.S. in Fortune Global 500 Companies But Trails in Profitability
Trending in China: Tencent – Fighting Youth Unemployment or Enemy of Older Workers?
Tencent Pushes for Merger That Would Create $10 Billion Chinese Twitch
Tencent Music to Establish Joint Venture with Universal Music
Trending: How U.S.-China Relations Are Causing Netizens to Read the Small Print as Rumors Fly
Qualcomm Lobbies U.S. to Resume Chip Sales to Huawei
Trending in China: Excited About Returning to College Campuses? Not So Quick With Covid-19 Controls
Twitter Joins Microsoft as Another Possible Purchaser of TikTok’s U.S. Business: Report
Electric-Car Maker XPeng Files for U.S. IPO
Xiaomi Still Top Dog in Indian Smartphone Market Despite Tensions
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