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China’s BAIC, Didi plan car leasing service amid new car sales slowdown – Source Reuters Tech News

FILE PHOTO: The logo of Beijing Automotive Group (BAIC) is seen during the Auto China 2016 auto show in Beijing, China, April 29, 2016. REUTERS/Damir Sagolj

BEIJING (Reuters) – Chinese automaker BAIC Group and ride-hailing service provider Didi Chuxing plan to team up with other industry players to lease BAIC’s cars to customers amid concerns about ride hailing and vehicle sharing eating into car sales.

The companies, which have a joint venture to develop “next-generation connected-car systems”, will partner with electric vehicle (EV) battery maker CATL, State Grid, Postal Savings Bank of China and online used car trading platform Uxin to build an “exchange of car use right”. They aim to have a fleet of 100,000 cars for leasing in the next three years, companies said in a statement released on Saturday.

Yang Jun, vice president of SoftBank-backed Didi, told an online press conference that Didi will explore more leasing projects in the future including car rental and…

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Source Reuters Tech News

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