Chinese EV Sharing Platforms Seeking New Funds

Two electric vehicle-sharing platforms backed by powerful Chinese carmakers plan to seek external funding totaling almost $730 million to fuel their growth, people with direct knowledge of the plans said. The moves come as Beijing continues its push into the new energy vehicle (NEV) sector as part of efforts to cut pollution and boost cutting-edge technology, Reuters reported. Caocao Zhuanche, a chauffeur ride-hailing platform backed by Zhejiang Geely Holding Group, is aiming to raise up to 3 billion yuan ($437 million) in a new funding round, at a valuation of about $3 billion, three people said. EvCard, an electric vehicle rental service under state-owned SAIC Motor Corp, is also considering raising some 2 billion yuan ($292 million) from external investors, according to a person with direct knowledge. Both platforms claim they are the first in China to offer such NEV car-sharing services. Caocao currently operates across 25 cities in China with a fleet of around 16,000 Geely-produced new energy vehicles, while EvCard has operations in 62 cities with over 27,000 cars in use, according to their websites.