Electric car rental startup UU Cars (“友友用车” in Chinese) ceased operations due to financial difficulties, local media is reporting (in Chinese).

The company’s operation plan was thrown out of whack when an investor did not provide funding as scheduled, said the firm’s CEO Li Yu.

The Beijing-based electric car rental firm was founded three years ago. It started out as a P2P private car rental platform before switching to the electric car timeshare rental service in October 2015.

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Sheila Yu

Sheila Yu is a Shanghai-based technology writer. She brings readers the biggest news from Chinese language tech media. Reach her at sheila@technode.com.