GAC invests in Uber China

GAC Group (Guangzhou Automotive) has become a strategic investor in Uber Technologies Inc's China operations. The move is being seen as one that will boost both Uber's presence in China and provide an opportunity for increased vehicle sales to GAC.

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In a statement released on Wednesday, GAC said its overseas subsidiary, Zhonglong Investment Co, had invested about US$100m in Uber's second round of financing for its China operations.

In December, they signed a strategic partnership agreement under which GAC would cooperate with Uber China in sectors like equity investment, car sales, financing, service and market operations, especially for promotion of new-energy vehicles.

Uber has been seeking new local investors for its business in China, so that it can be recognised as a local firm by industry regulators.

Uber has invested more than 6.3 billion yuan in China, with services covering 22 Chinese cities since its China operation was established in the China (Shanghai) Pilot Free Trade Zone in 2015.

In addition to the partnership with GAC, Uber China has also established strategic partnerships with some of China's leading enterprises in various industries, in support of its long-term commitment to the China market.

Free Report

How attractive are current investment opportunities in Europe?

Track the M&A and Capital Raising volumes into their target market
Identify the top sectors in the target market attracting the investments
For any investment segment, identify the top Investors inside and outside the target economy that are already investing in the Segment
Assess and showcase the growth potential for various Industries in the target economy

Don’t miss out on key market insights that can help optimize your next investment – read the report now.

By GlobalData

David Leggett

@dave_gdauto Just Auto’s Editor since 2000. Past positions include head of automotive forecasting at the Economist Intelligence Unit (EIU), forecast analyst at IHS Markit and senior economist at the UK’s Society of Motor Manufacturers and Traders (SMMT).