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Alibaba, Tencent, car makers set up $1.5 billion China ride-hailing venture

Updated : March 22, 2019 05:36 PM IST

China is home to the world's largest ride-hailing market, estimated by consulting firm Bain & Co to be worth $23 billion. Of that, Didi Chuxing takes 90 percent of all bookings.
Didi, which is backed by Japan's SoftBank Group Corp and Uber Technologies, also has joint ventures with BAIC and Volkswagen.
Alibaba, Tencent, car makers set up $1.5 billion China ride-hailing venture

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