Didi's Ride Hailing Rival T3 Raises $1.2 Billion To Expand
Summary
The company did not disclose its valuation after the funding T3, a Chinese ride-hailing company backed by state-owned automakers FAW, Dongfeng and Changan said on Tuesday that it had raised 7.7 billion yuan ($1.2 billion) to fund expansion. T3s funding round comes as ride-hailing companies step up efforts to take market share from Chinas ride hailing market leader Didi Global Inc which is facing a cybersecurity investigation by Chinese authorities. Investors in this funding include Yingtong Technology, online travel platform Tongcheng, and Virtue Capital, an investment company led by Dong Yang, former head of China Association of Automobile Manufacturers (CAAM), T3 said in a statement. The ride hailing industry in China is under scrutiny by the countrys regulators, who are urging ride hailing companies to hire qualified drivers to comply with relevant rules and protect data security. For the latest auto news and reviews, follow carandbike.com on Twitter, Facebook, and subscribe to our YouTube channel.