Tencent-Backed Tesla Rival Forms NEV Ride-Hailing Firm– Yicai Global

What happened: Chinese electric vehicle manufacturer Nio has set up a new car-rental and ride-hailing subsidiary in the country’s southern island province of Hainan. The report points out that the new firm could be related to the company’s partnership with China Automobile Technology and Research Center and several other companies inked on August 21.

Why it’s important: Nio’s newly founded subsidiary is obviously part of China’s ride-hailing resurgence. Apart from Nio, the burgeoning sector witnessed the entrance of several big name players over the past year, including Meituan, state-owned SAIC Motor, mapping company AutoNavi, and more. New players in the field could pose a series threat to Didi Chuxing’s current dominance, especially at a time when the ride-sharing giant is under public backlash due to passenger murder scandals. NIO has filed to list on the New York Stock Exchange this August.

Emma Lee (Li Xin) was TechNode's e-commerce and new retail reporter until June 2022, when she moved to Sixth Tone to cover technology and consumption. Get in touch with her via lixin@sixthtone.com or Twitter.

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