Alibaba, Tencent and other major names form $1.45B ride-hailing venture

For the last two years, Didi has been the dominant car-hailing force in China and its success has spawned a handful of competitors initiated by both internet firms and old-school carmakers. Just last week, another notable challenger has stepped up. T3, which is short for “top 3”, officially launched after a dozen entities, including three […]

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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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The end of China’s ride-sharing gig

Over the last few years, millions of Chinese workers managed to earn extra money by being ride-hailing drivers. Many picked the gig because of its flexible schedule. For those who could not otherwise afford to own a car in China’s pricy metropolises, driving around is also a status symbol, even if they are paying off […]

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Meituan, China’s ‘everything app’, walks away from bike sharing and ride hailing

A major player in the race to transport Chinese people around is losing steam. Meituan Dianping, the Tencent-backed all-encompassing platform for local services, continues to put the brakes on bike-sharing and ride-hailing, the company said on its earnings call on Thursday. The eight-year-old firm is best known for competing with Alibaba-owned Ele.me in food deliveries […]

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WeWork China raises $500M to triple the number of cities it covers

WeWork’s China business is getting a fresh injection of capital after it raised $500 million. The company entered China two years ago and today it covers Beijing, Shanghai and Chengdu with nearly 40 locations. It claims 20,000 members, and it is also active in Hong Kong, which technically falls under ‘Greater China.’ The new capital […]

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