Aug 16, 2022 04:35 AM

TECH

SAIC-Backed Xiangdao Raises $148 Million and Eyes IPO

By Zhang Erchi and Han Wei

Established by SAIC Motor in 2018, Xiangdao offers ride-hailing and car-rental services in competition with industry giant Didi Global Inc.

Established by SAIC Motor in 2018, Xiangdao offers ride-hailing and car-rental services in competition with industry giant Didi Global Inc.

Xiangdao Chuxing, the ride-hailing service backed by China’s largest carmaker, completed a 1 billion yuan ($148 million) fundraising that brings in an autonomous driving startup as new investor, the company said Monday.

The latest funding round valued SAIC Motor Corp.-affiliated Xiangdao at $1 billion. Largest shareholder SAIC Motor, self-driving company Momenta and Gaohang (Tianjin) Management Consulting led the fundraising.

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