CaoCao Zhuanche financing of 440 million US dollars, estimate to double in half a year

14/08/2018

Online car-hailing services have become common in the Chinese market, but there has been a wave of entrepreneurship in the industry

 

CaoCao Zhuanche, which is supported by Zhejiang Geely Group, is ready to finance up to 436 million USD (3 billion RMB). EvCard, an electric vehicle network car service affiliated to SAIC Motor, is also preparing to finance up to 290 million US dollars (2 billion RMB) from external investors. Both companies claim to be the first electric car network and share service in China. The CaoCao Zhuanche covers 25 cities in China and has 16,000 electric vehicles made by Geely Group. EvCard currently covers 62 cities with a total of 27,000 vehicles.

 

China has developed a grand strategy for the development of electric vehicles. According to government agency statistics, as of the end of March this year, 102 companies in China produced 355 various types of electric vehicles and new energy vehicles, including electric, hybrid and fuel cells cars.

 

There has also been a wave of electric vehicle entrepreneurship in China. New startups such as NIO and Xiaopeng have already received billions of dollars in investment from large Chinese technology companies.

China’s car network companies are also adapting to the wave of electric vehicle development. At the beginning of this year, Didi, the industry leader, announced that it will set up an electric car network car service, which will cooperate with BYD, Geely Group, Ford, Renault-Nissan-Mitsubishi Alliance and other automakers.

In January of this year, CaoCao Zhuanche financing amounted to 145 million USD (1 billion RMB), and the company’s valuation was as high as 1.45 billion USD (10 billion RMB).

EvCard provides car rental services primarily on an hourly basis. At the end of last year, the company cooperated with the Chengdu BMW Group in Sichuan and launched a dual-brand service.

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