“I was thinking, how about creating a ride-hailing app, so there can be fewer poor losers that get soaked in the rain?” Cheng said, recalling a depressing experience in Beijing when he couldn’t hail a cab for hours during a storm, according to the media outlet.Ĭheng founded Didi with just 100,000 yuan (roughly $15,000) of his own money, and another 700,000 yuan (roughly $110,000) from Wang Gang, an angel investor who supervised Cheng during his tenure at Alibaba.
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The “pain” led him to think about how to fix the problem.
Starting as an entry-level salesperson making the equivalent of about $200 a month, he rose quickly and in seven years became the company’s youngest regional manager.Ĭheng said he created Didi because he was fed up with being unable to get a taxi during a business trip, according to a profile published in June in the Business Times, a Chinese financial news outlet. "But sales will not be the focus of the partnership the most important impact will be on our financial services, which Yongda excels at," he said.Before he founded Didi in 2012, Cheng was a sales manager at Alibaba.
Based on the experiences in 20, it is estimated the imported car market could take at least six months to pick up again.Ĭhen Jiaxiong, deputy general manager of public relations at Yongda, which specializes in the sales of luxury imported cars such as Bentley, BMW and Audi, said the Uber deal provides it with another potentially lucrative sales avenue.
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Similar partnerships have already been forged by Uber in two of its other key markets, the United States and India.Ĭhina's car importers are faced with a series of market challenges this year.Īccording to the February Vehicle Inventory Alert Index released by the China Automobile Dealers Association, inventories remain high, mainly as a result of poor sales during the recent Spring Festival holiday. They also needed a trustworthy partner for after-sales services," he said. For many of the car leasing companies using our platform, it is difficult to get loans from banks as most are small and medium-sized enterprises. "Some have come to us asking for help in finding distribution channels for new cars. Wang Xiaofeng, general manager of Uber Shanghai, called the partnership an important step in its localization in China, and the move was prompted by a demand for the service from existing customers. Uber said all the added services will come at no extra fees for its car-leasing company customers.Įven though the finer details are yet to be finalized, Uber and Yongda have reached preliminary agreement, they said, on selling "hundreds of millions of yuan" worth of Audi and Volkswagen cars on the platform. Uber Technologies Inc, the California-based online taxi service provider, has formed a partnership with leading luxury car dealer China Yongda Automobiles Services Holdings Ltd, to expand its services in China into sales of automobiles and financial services.Ĭar-leasing companies working on Uber's platform will be able to buy new vehicles from Yongda at preferential prices, with the Chinese company also offering customers after-sales services, loans, and other finance deals. The company is expanding to six cities including Shanghai, Guangzhou and Shenzhen. Uber started its test operations in Beijing two months ago.
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