Chinese car rental service provider Yongche, commonly known as Yidao Yongche, and Haier Financial Services, the financial arm of Chinese consumer electronics maker Haier Group, today announced the establishment of Haier Yidao Travel (our translation), a joint venture delivering car rental services, car financial leasing, and more.

Under the deal, the two companies will each hold 50% in the joint venture, with Haier Financial offering financing resources and Yongche providing operational support.

With an investment claimed to be RMB8 billion (around US$1.28 billion) by 2017, Beijing-based Haier Yidao Travel expects to then be operating 80,000 to 100,000 cars. Yongche’s founder Zhou Hang noted that the company’s current car fleets will be gradually integrated into the new platform.

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Emma Lee

Emma Lee is Shanghai-based tech writer, covering startups and tech happenings in China and Asia in general. We are looking for stories related to tech and China. Reach her at lixin@technode.com.