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Chinese Ride-Hailing Giant Didi Dives Into the EV Manufacturing Sector

April 8, 2021 1:53 am

Beijing (PingWest)—Didi Chuxing, China’s largest ride-hailing platform, has initiated an electric vehicle (EV) project which will be led by vice president Yang Jun, tech news outlet Late Post reported on Tuesday. 

The company has had a history of working with electric vehicles and catering to the ever-growing segment. At the end of last year, it announced cooperation with BYD, one of China's largest electric car manufacturers, to build a customized EV D1 for the ride-sharing business.

Yang is also the chief product officer of D1 and the general manager of the subsidiary Xiaoju, which provides services such as car rental and sales, vehicle maintenance, and recharging.

DiDi has about one million electric vehicles on its platform, and about 20% of China's electric vehicle mileage count can be attributed to DiDi's platform, according to the ride-hailing giant. 

Also, the company said it has set up 20,000 EV charging stations across China, and has teamed up with BP to create 200 charging stations in the country by the end of the year.

Didi is reportedly weighing its IPO options between New York and Hong Kong, targeting at least a $100 billion valuation. The SoftBank-backed unicorn has been expanding into areas including freight shipping and community group buying in the past year.