Ride-hailing Ucar invests in China Tesla-challenger startup
Beijing-based Ucar announced on Monday that it has set up a 10 billion yuan fund focusing on future automobile technology with its first investment going into Chinese electric vehicle start-up Xpeng Motors.
Lu Zhengyao, chairman and chief executive of Ucar, said setting up of the fund was a “milestone event” to expand the business to the cover the entire auto value chain.
“We are already the single largest vehicle buyer in the country and we have a strong sales network and rich service offerings for people to ride in cars,” he said without disclosing the investment amount into Xpeng.
In addition to the financial injection, Ucar will also help Xpeng enhance product manufacturing, setting up a sales and after-sales network, and its big-data-enabled marketing, said the company in a statement.
