T3 intents to embrace renewable energy for its ride-hailing services.
After dominating China’s car-hailing service for a full two years, Didi, the Beijing based ride-sharing, AI, and autonomous technology conglomerate is stumbled upon by T3, a new competitor in the ride-hailing domain.
T3 rollout was a joint effort by a dozen companies, which included three top automakers, FAW Group, Dongfeng Motor, and Changan Automobile and saw an investment of 9.76 billion yuan ($1.45 billion) in July last year.
Apart from them, the major share of funding of the ride-hailing venture was led by the country’s largest internet companies, Alibaba and Tencent.
In the entire investment, Suning, a home appliance retailer, is the largest shareholder with a stake of 17.42 percent. Apart from it, the automakers will be sharing 16.39 percent of the new entity and rest being divided among the other affiliates.
Here the co-investment by Alibaba and Tencent is a surprise for many of the industry experts, as on many occasions, both these giants have often invested in rival companies. But it was made possible due to the merger of Tencent-backed Didi and Alibaba-backed Kuaidi, a global car service app.
In the latest announcement made last week, the significant chunk of ride-hailing venture funding will be aimed towards powering the car-sharing services by renewable energy. Interestingly, the company policy to embrace renewable energy will be in line with China’s efforts to electrify the transportation sector.
With many companies stepping up into the new field will help in devising new strategies and dig into innovations, which is expected to attract more private money and consequently, will help in achieving the T3 targets.
T3 is backed to create a “smart mobility ecosystem” with the manufacturing understanding of the top automakers. To achieve it, the company further aims to combine the data capability of all of its technology partners.
Presently, much like Didi, T3 will be facing a challenge from rivals like Shouqi Limousine & Chauffeur and Caocao, a chauffeur ride-hailing app backed by Geely.
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