Tencent muscles further into auto industry by backing repair unicorn
Summary
HONG KONG -- Chinese technology conglomerate Tencent Holdings is leading a new funding round of up to $400 million for online car services platform Tuhu. Liu Erhai, founder and managing partner at Joy Ventures, an early investor in the Shanghai-based startup, said in Hong Kong on Tuesday that Tuhu had just closed a funding round of between $300 and $400 million. New car sales in China, the worlds largest market, fell for a 16th consecutive month in October, on track to pose its second year-on-year decline in almost three decades, data from the countrys biggest auto industry association showed. So, many turn to the aftermarket for growth," said Feng Linyan, an analyst at Beijing-based research company EqualOcean, adding that Tencents investments also follow closely the developments of the industry. In 2017, Tencent invested in electric car startups Nio and WM Motor Technology as the Chinese government gave out heavy subsidies to support the new industry.
Classifications
AskAI Classifications
LabelsLinked Companies
