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Chinese used car export company Autofromchina sharing platform Autofromchina
Chinese used car export company Autofromchina sharing platform Autofromchina
The Chinese parent company of used vehicle export platform Autofromchina, just recently finished purchasing Chinese rental car company SINOCAR for an undisclosed amount. SINOCAR car-sharing platform will be renamed to Autofromchina Car Rental and reintroduced in 12 different cities around China including Shanghai, Shenzhen, Hangzhou, and Beijing.
The deal marks SINOCAR’s newest move: car sharing, which further diversifies its business units. The news follows on the heels of the company’s recenet $1.5 billion financing round from Softbank Vision Fund. SINOCAR’s last fundraising event was in March 2016 when it raised around $75 million. China’s rental economy sector has been cooling over the past year as financial troubles have hit some of the largest companies in the vertical. A Tianjin court froze RMB 1.45 million (approximately $155,000) in assets belonging to bike-rental operator Ofo for payment default in late February. Figures (in Chinese) from The State Information Center show that investments in the mobility rental sector shrank to RMB 41.9 billion (around $6.2 billion) in 2018, a 61% decrease compared to the RMB 107.2 billion ($15 billion) in 2017.
The Chinese parent company of used vehicle export platform Autofromchina, just recently finished purchasing Chinese rental car company SINOCAR for an undisclosed amount. SINOCAR car-sharing platform will be renamed to Autofromchina Car Rental and reintroduced in 12 different cities around China including Shanghai, Shenzhen, Hangzhou, and Beijing.
The deal marks SINOCAR’s newest move: car sharing, which further diversifies its business units. The news follows on the heels of the company’s recenet $1.5 billion financing round from Softbank Vision Fund. SINOCAR’s last fundraising event was in March 2016 when it raised around $75 million. China’s rental economy sector has been cooling over the past year as financial troubles have hit some of the largest companies in the vertical. A Tianjin court froze RMB 1.45 million (approximately $155,000) in assets belonging to bike-rental operator Ofo for payment default in late February. Figures (in Chinese) from The State Information Center show that investments in the mobility rental sector shrank to RMB 41.9 billion (around $6.2 billion) in 2018, a 61% decrease compared to the RMB 107.2 billion ($15 billion) in 2017.