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Didi Chuxing and oil giant BP team up to build electric vehicle charging infrastructure in China

Ride-sharing and transportation platform Didi Chuxing announced today that it has formed a joint venture with BP, the British gas, oil and energy supermajor. to build electric vehicle charging infrastructure in China. The charging stations will be available to Didi and non-Didi drivers.

The news of Didi and BP’s joint venture comes one week after Didi announced that it had received funding totaling $600 million from Toyota Motor Corporation. As part of that deal, Didi and Toyota Motor set up a joint venture with GAC Toyota Motor to provide vehicle-related services to Didi drivers.

BP’s first charging site in Guangzhou has already been connected to XAS (Xiaoju Automobile Solutions), which Didi spun out in April 2018 to put all its vehicle-related services into one platform.

XAS is part of Didi Chuxing’s evolution from a ride-sharing company to a mobility services platform, with its services available to other car, transportation and logistics companies. In June, Didi also opened its ride-sharing platform to other companies, enabling its users to request rides from third-party providers in a bid to better compete with apps like Meituan Dianping and AutoNavi, which aggregate several ride-hailing services on their platforms.

Didi says it now offers ride-sharing, vehicle rental and delivery services to 550 million users and covers 1,000 cities through partnerships with Grab, Lyft, Ola, 99 and Bolt (Taxify). The company also claims to be the world’s largest electric vehicle operator with more than 600,000 EVs on its platform.

It also has partnerships with automakers and other car-related companies like Toyota, FAW, Dongfeng, GAC, Volkswagen and Renault-Nissan-Mitsubishi to collaborate on a platform that uses new energy, AI-based and mobility technologies.

In a press statement, Tufan Erginbilgic, the CEO of BP’s Downstream business, said “As the world’s largest EV market, China offers extraordinary opportunities to develop innovative new businesses at scale and we see this as the perfect partnership for such a fast-evolving environment. The lessons we learn here will help us further expand BP’s advanced mobility business worldwide, helping drive the energy transition and develop solutions for a low carbon world.”

Ola raises $50M at a $4.3B valuation from two Chinese funds

Ola, the arch-rival of Uber in India, has raised $50 million at a valuation of about $4.3 billion from Sailing Capital, a Hong Kong-based private equity firm, and the China-Eurasian Economic Cooperation Fund (CEECF), a state-backed Chinese fund. The funding was disclosed in regulatory documents sourced by Paper.vc and reviewed by Indian financial publication Mint.

According to Mint, Sailing Capital and CEECF will hold a combined stake of more than 1% in Ola . An Ola spokesperson said the company has no comment.

Ola’s last funding announcement was in October, when it raised $1.1 billion (its largest funding round to date) from Tencent and returning investor SoftBank Group. Ola also said it planned to raise an additional $1 billion from other investors that would take the round’s final amount to about $2.1 billion.

At the time, a source with knowledge of the deal told TechCrunch that Ola was headed toward a post-money valuation of $7 billion once the $2.1 bllion raise was finalized. So while the funding from Sailing Capital and CEECF brings it closer to its funding goal, the latest valuation of $4.3 billion is still lower than the projected amount.

Ola needs plenty of cash to fuel its ambitious expansion both within and outside of India. In addition to ride hailing, Ola got back into the food delivery game at the end of last year by acquiring Foodpanda’s Indian operations to compete with UberEats, Swiggy, Zomato and Google’s Areo. It was a bold move to make as India’s food delivery industry consolidated, especially since Ola had previously launched a food delivery service that shut down after less than one year. To ensure the survival of Foodpanda, Ola poured $200 million into its new acquisition.

A few months later after buying Foodpanda, Ola announced the acquisition of public transportation ticketing startup Ridlr in an all-stock deal. Outside of India, Ola has been focused on a series of international launches. It announced today that it will begin operating in New Zealand, fast on the heels of launches in the United Kingdom and Australia (its first country outside of India) this year.

Uber’s biggest rival in India expands internationally

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Uber is set to meet a familiar foe Down Under.

For the first time, ride-hailing giant Ola is setting up outside of India. The company said it plans to launch in Australia in early 2018, and is currently signing up drivers in Sydney, Melbourne and Perth. 

The latest Uber challenger follows in the footsteps of Estonian ride-hailing company Taxify, which launched in Sydney last December, and recently began operations in Melbourne. 

On its website, Ola said it will initially charge a 7.5 percent commission from drivers. For the time being, it’s considerably lower than Taxify’s 15 percent, and Uber, which is around 25 percent. Ola is yet to reveal its entire fare structure in Australia. Read more…

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Uber forced to raise prices by up to 80% in Hong Kong

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If you’re going to be hailing an Uber in Hong Kong — expect to pay a lot more, starting today.

The ride hailing giant has hiked its minimum fare in the territory by as much as 80 percent, a decision that came after an “evaluation of the marketplace.”

Uber announced that the price hike starting Monday would affect UberX, UberBlack and UberAssist services.

The company will also be introducing an additional booking fee of $0.64 (HK$5).

For UberX for example, the minimum fare from Kowloon to the New Territories would be raised from $3.20 (HK$25) to $5.11 (HK$40) — with the booking fee charge, that’s $5.75 (HK$45). Read more…

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Crunch Report | David Letterman Is Coming to Netflix

David Letterman is coming to Netflix, Didi Chuxing backs Careem in the Middle East, Crusie is running an autonomous ride-hailing service and Andrew Ng launches Deeplearning.ai. All this on Crunch Report. Read More

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Uber returns to Taiwan after partnering with licensed rental car companies

 Finally some good news for Uber: it will resume its ride-hailing service in Taiwan today, two months after suspending operations following a long-running battle with the country’s government. To avoid running afoul of local regulations again, Uber will partner with licensed rental car companies. Read More

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Uber rival Grab expands its engineering team with new offices in India and Vietnam

 Grab, the main rival to Uber in Southeast Asia, is expanding its engineering footprint after announcing new development centers in India and Vietnam.
The company last month announced plans to open an engineering center in Jakarta, Indonesia, so the addition of bases in Bangalore, India and Ho Chi Minh City, Vietnam, will take it to six R&D locations worldwide. The others are Singapore… Read More

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Malaysia says it'll seize motorcycles being operated as ride-sharing vehicles

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A hot fledgling motorcycle taxi hailing service has hit a wall in Malaysia, after barely getting on the road.

Dego Ride found itself effectively banned from Malaysian streets on Friday, after regulators threatened to seize motorcycles belonging to people offering rides on their vehicles, local news reports say.

The penalty is an unusually stiff one, compared with other countries which have typically issued fines to unauthorised drivers from ride-sharing apps.

A director for the Road Transport Department said that over 6,000 motorcycle riders were registered with Dego Ride in the Klang Valley — an area surrounding Malaysia’s capital of Kuala Lumpur. Read more…

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