(Yicai Global) Dec. 22 -- Chinese car-sharing company Jia Bei is looking to turn a profit in 2021 despite the sector's inherent challenges, according to its chairman.

"We hope to make a profit next year,” Xu Zhengpeng told in an interview with Yicai Global. "We originally planned to achieve profitability this year, but Covid-19 disrupted the pace. We are gradually recovering from the great impact."

It is not only the virus that plagues the sector. "The problems we have encountered are far bigger than expected in the four to five years of operation." Costs, including those related to car purchasing, manpower, parking space rental, and charging facilities, remain high. The Shenzhen-based company has begun to replace some of its fleet, tarnished in use.

Many Chinese car-sharing platforms, including UU Cars, Zhongguan, Ezzy, and Togo, have shut down in the past few years. But that doesn't discourage Xu. Market participants have become more rational amid the sector's development toward standardization, including that of charging networks, he said.

Southern Guangdong province's police recently revealed that thieves have targeted shared vehicles for their parts. In Guangzhou, some 70 vehicles were missing their original three-way catalytic converters, and that applied to over 100 cars in Shenzhen.

The catalytic converters of Jia Bei's fleet are still intact but criminals have stolen some tires, Xu admitted.

Editor: Tang Shihua, Emmi Laine