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China’s FAW Car Buys Stake in Startup Car-Sharing Service
FAW Car Co. Ltd. says it has agreed to buy a 10% stake in China’s Mobike Chuxing Technology Co., a month-old car-sharing startup.
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FAW Car Co. Ltd. says it has agreed to buy a 10% stake in China’s Mobike Chuxing Technology Co., a month-old car-sharing startup.
Mobike Chuxing is a unit of Beijing-based Mobike Inc., a $3 billion provider of stationless bike-sharing services in more than 160 cities in China. The bikes are typically used as an alternative to a taxi for brief “last-mile” urban trips.
Formed three years ago, Mobike also operates in Germany, Italy, Japan, Malaysia, the Netherlands and the U.K. The company debuted its bike service in the U.S. last September. Mobike says it provided about 25 million rides per day.
FAW provided few details about its investment in Mobike’s new car-sharing service. The company said on Sunday it will supply electric cars for the venture.
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