SoftBank’s Vision Fund invests $1.5B in Chinese second-hand car startup Chehaoduo

SoftBank’s Vision Fund is taking a bet on China’s auto market after it agreed to pour $1.5 billion into online car trading group Chehaoduo, which literally means “many cars” in Chinese. The Beijing-based company operates two main sites — peer-to-peer online marketplace Guazi for used vehicles, and Maodou, which retails new sedans through direct sales […]

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EVs and online marketplaces thrive despite slump in Chinese car sales

China’s massive auto market hit the brakes last year as trade tensions and a softening economy dampened consumer confidence, but one segment soared on account of increasing internet penetration — used car sales. New passenger car sales fell to 23.7 million last year, representing a 4.1 year-over-year drop according to a new report by China’s Association of […]

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Tesla breaks ground on Shanghai factory which will product Model 3 EVs for China

Tesla CEO Elon Musk has confirmed that the company’s first overseas factory in Shanghai will focus on producing Model 3 vehicles for the Chinese market only. Musk is currently in China to break ground on the new factory today, which is being developed in partnership with the Shanghai government — an ally that is likely to […]

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China’s Didi restructures key units to improve safety following passenger deaths

China’s largest ride-hailing operator Didi Chuxing announced on Wednesday a major restructuring, which trails a series of tweaks to its core businesses following two separate passenger murders that happened in May and September. The reshuffle will see Didi — which owns Uber’s China business — knit three key platforms into a new overarching Ride-hailing Business Group […]

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