Uber China announces strategic cooperation Agreement with YONGDA Automotive Services Holdings Limited

Absrtact: Uber China today announces the signing of a strategic cooperation agreement with YONGDA Automotive Services Holdings Limited (03669.HK) to the Chinese market, and Yongda as Uber's first all-round and nationwide partner in China, will use its auto distribution and service

Uber China today announced the signing of a strategic cooperation agreement with YONGDA Automotive Services Holdings Limited (03669.HK) to deal with the Chinese market, Yongda as Uber in China's first all-round, nationwide cooperation in the automotive distribution partners, will use their own car distribution, service industry chain resources, combined with Uber platform advantages , to create "Internet + Car + finance" business model. Yongda Automotive President Xu Yue, Uber Shanghai general manager Wang attended the signing ceremony.

Uber currently offers a variety of products including UberBlack (premium sedan), UberX (preferred sedan) and UBERXL (multiple business vehicles). Wang said that Uber has provided financial support for the Platform partners on a global scale, and after cooperating with China Yongda, it will be able to provide car rental, after-sales service, financing loans and other benefits to the Uber platform and diversify the solution. ”

Yongda Automotive President Xu Yue said he was pleased to work with Uber, "the two sides have initially on the Audi and Volkswagen's brand of vehicle sales services reached agreement, the first-time car financial limit reached hundreds of millions of yuan." In the future, the two sides will also actively explore and deepen their cooperation in new car sales, second-hand cars, automobile finance, after-sale service, car leasing, Internet application and other fields, and broaden the service domain and function. ”

Yongda Motor is China's luxury and premier car dealer group, listed on the Hong Kong stock Exchange. There are "learning cars, buy cars, sell cars, car rental, repair cars, car testing" the complete automotive sales and service industry chain.

Uber's continued move to the upstream layout of the industrial chain has been well publicized, after Uber also said it wanted to build driverless cars to replace private cars and human drivers. However, this Uber and Yongda cooperation to launch the financial support of car purchase, reminiscent of the United Sea is easy to travel to release the "appoints" plan: that is, in line with the conditions of the car driver, in pay far less than the first payment of conventional car, you can have a car belongs to their own, in the meantime, You can also earn revenue from easy to platform. The driver only needs to pay the vehicle rent monthly, three years after the expiry of the end of payment, you can transfer the vehicle to their own name. Among them, easy to provide drivers with vehicles, funds, plates and orders.

Although we do not yet know Uber "help" drivers to buy the details of the car, but the two in the car rental company's stock market, focus on incremental excavation of the idea is consistent. In particular, the Ministry of Transport recently reiterated that private cars are not allowed to enter the car market, so in addition to continuing to integrate leasing company vehicles, another way to maintain the expansion of the original pace is to seek those who have a driver's license and no car to open the user, or to purchase a second to third car users.

For example, now some owners will buy high-end cars (some of their own risk of undertaking loans) to this platform to start a business, the figure is to earn a relatively high customer price. It can be said that the joint forces have been, easy to Uber play just to cater to this point.