Tenet Fintech Group Inc. (CSE: PKK, OTC Pink: PKKFF)
Commercial Lending in China Ready to Tenet!
Didi Chuxing Technology Co., the firm behind the world’s largest ride-hailing operator, has confirmed speculation that it will partner up with Volkswagen AG to manage its fleet and share technology.
Didi confirmed the partnership with the biggest global carmaker yesterday, online news outlet Ifeng reported. Reuters had earlier cited an unidentified Volkswagen employee as saying the pair were in talks to found a joint venture to manage some of Didi’s vehicle fleets.
“The growing popularity of ride-hailing services for commuting and running errands in congested cities such as Beijing and Shanghai is showing early signs of reducing private car ownership,” the report added. “This could have serious consequences for existing carmakers and is forcing companies like Volkswagen to reinvent their businesses and seek out future revenue streams.”
The deal could see Volkswagen managing 100,000 new vehicles for Didi, with the German automaker providing about two thirds of them, according to the Volkswagen executive.
Didi has also begun working with Chinese carmakers, such as Guangzhou Automobile Group Co. and CHJ Automotive Co., to design electric vehicles, Reuters cited sources as saying.
Source: yicaiglobal.com
