SHANGHAI :
Alibaba, Tencent-Backed Ride Hailer Launches in Nanjing, Has Five Other Cities Lined Up
Zhang Yushuo
DATE:  Jul 23 2019
/ SOURCE:  yicai
Alibaba, Tencent-Backed Ride Hailer Launches in Nanjing, Has Five Other Cities Lined Up Alibaba, Tencent-Backed Ride Hailer Launches in Nanjing, Has Five Other Cities Lined Up

(Yicai Global) July 23 -- China's Chang'an Automobile and 10 partners including tech giants Alibaba Group Holding and Tencent Holdings have launched T3, a new electric ride-hailing platform, in eastern China's Nanjing, aiming to expand to five other Chinese cities this year. 

T3 will enter Chongqing, Wuhan, Guangzhou, Hangzhou and Tianjin this year and cover most of provincial capitals next year, the Beijing News reported. 

The Chinese shared mobility sector has experienced changes in recent months with multiple new entrants after industry heavyweight Didi Chuxing reported multiple incidents related to safety last year.

In March, the group of firms set up the CNY9.8 billion (USD1.4 billion) Lingxing Equity Investment Partnership for T3. These partners included Suning.Com, Dongfeng Motor and First Automobile Works Group, Feiye Investment, Rongxun Smart Transport Industry Investment Fund and Hengchuang Yunzhi Network Technology. 

T3 plans to put 20,000 electric cars on the streets of China by the end of this year, lifting the number to 300,000 in three years, and reaching more than one million in six years, the report added. The platform will add charging services, maintenance, and insurance to its business scope from 2021. 

Editor: Emmi Laine 

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Keywords:   T3,Alibaba,Tencent