Anticipating on-demand, smart mobility is on its way, Chinese internet companies and major domestic automakers have agreed to establish a limited partnership with RMB 9.76 billion (US$1.46 billion) to invest in promising startups in this field. E-commerce giant Alibaba and social giant Tencent, through their respective investment vehicles, along with three other limited partners, plan to inject RMB 2.25 billion in the partnership to be named Nanjing Lingxing Equity Investment, a filing by Shenzhen-listed Chongqing Changan Automobiles shows. The investment will buy them a 23.06% stake. The rest comes through an investment arm of retail giant Suning, who is on board with RMB 1.7 billion; Changan itself with RMB 1.6 billion, taking up a 16.39% stake; two other automakers, Hong Kong-listed Dongfeng Motor Group and State-owned China FAW Group will each invest the same amount; and some other investors. Ever since Didi Chuxing, as a company with no cars, shook up the automobile industry by allowing people who don’t own a car to move about easily, automakers have had to adjust as more people worldwide prefer on-demand mobility services than owning a vehicle.
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