• Email Us: [email protected]
  • Contact Us: +1 718 874 1545
  • Skip to main content
  • Skip to primary sidebar

Medical Market Report

  • Home
  • All Reports
  • About Us
  • Contact Us

Geely’s ride-hailing unit Cao Cao Mobility raises $589M Series B to upgrade tech and expand fleet

September 8, 2021 by David Barret Leave a Comment

Cao Cao Mobility, the ride-hailing unit of Chinese automaker Geely Automobile Holdings, has announced a $589 million (RMB 3.8 billion) Series B raise that the company says will help it upgrade its technology and expand its fleet, according to a statement released by the company (in Chinese).

The raise, which Cao Cao announced on Monday, brings the company’s total funding to around $773.2 million (RMB 5 billion). Suzhou Xiangcheng Financial Holding Group, an investment company backed by the Xiangcheng district government of Suzhou, led the round along with Suzhou High-Speed Rail New City Group and three other state-controlled enterprises.

This raise comes amid troubles for Cao Cao’s biggest competitor, Didi Global, the Chinese ride-hailing app that’s currently under cybersecurity investigation by the Chinese government and has been temporarily removed from Chinese app stores causing stocks to plummet. Didi has been a ride-hailing staple in China, so any setbacks can create a vacuum that others in the space will try to fill.

Cao Cao, which is currently available in 62 cities in China, saw ride volume increase 32% in July, the same month Didi was taken down from app stores in China. Meituan, China’s e-commerce giant, also saw a 24% ride increase in July, according to the Ministry of Transport. However Meituan and Amap, Alibaba’s ride-hailing and navigation unit, are being criticized alongside Didi by the Chinese government for “disrupting fair competition and hurting the interests of drivers and passengers,” reports Bloomberg.

As all of the other players in the ride-hailing sphere struggle under government scrutiny, Cao Cao is positioned for further growth and a larger market share, as long as it is found to be playing fair.

Source Link Geely’s ride-hailing unit Cao Cao Mobility raises $589M Series B to upgrade tech and expand fleet

David Barret
David Barret

Related posts:

  1. France fines U.S. bank JP Morgan $29.6 million in tax fraud settlement
  2. Facemasks and sanitizer as French kids go back to school
  3. Spain’s Fallas fiesta resumes after COVID hiatus, rain damage
  4. Virgin Galactic to launch first commercial research mission

Filed Under: News

Reader Interactions

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Primary Sidebar

  • Have You Seen This Snake? Florida Wants Your Help Finding Rare Species Seen Once In 50 Years
  • Plague Confirmed In Lake Tahoe Area For First Time In 5 Years, California Officials Say
  • Supergiant Star Spotted Blowing Milky Way’s Largest Bubble Of Its Kind, Surprising Astronomers
  • Game Theory Promised To Explain Human Decisions. Did It?
  • Genes, Hormones, And Hairstyling – Here Are Some Causes Of Hair Loss You Might Not Have Heard Of
  • Answer To 30-Year-Old Mystery Code Embedded In The Kryptos CIA Sculpture To Be Sold At Auction
  • Merry Mice: Human Brain Cells Transplanted Into Mice Reduce Anxiety And Depression
  • Asteroid-Bound NASA Mission Snaps Earth-Moon Portrait From 290 Million Kilometers Away
  • Forget State Mammals – Some States Have Official Dinosaurs, And They’re Awesome
  • Female Jumping Spiders Of Two Species Prefer The Sexy Red Males Of One, Leading To Hybridization
  • Why Is It So Difficult To Find New Moons In The Solar System?
  • New “Oxygen-Breathing” Crystal Could Recharge Fuel Cells And More
  • Some Gut Bacteria Cause Insomnia While Others Protect Against It, 400,000-Person Study Argues
  • Neanderthals And Homo Sapiens Got It On 100,000 Years Earlier Than We Thought
  • “Womb Of The Universe”: Native American Tribal Elders Help Archaeologists Decipher Ancient Rock Art In Missouri Cave
  • 16,000-Year-Old Paintings Suggest Prehistoric Humans Risked Their Lives To Enter “Shaman Training Cave”
  • Final Gasps Of A Dying Star Seen Through A Record-Breaking 130 Years Of Data
  • COVID-19 “Vaccine Alternative” Injection Could Be On Fast-Track To Approval From FDA
  • New Jersey Officials Investigate Possible First Locally Acquired Malaria Case Since 1991
  • First-of-Its-Kind Bright Orange Nurse Shark Recorded Off Costa Rica Makes History
  • Business
  • Health
  • News
  • Science
  • Technology
  • +1 718 874 1545
  • +91 78878 22626
  • [email protected]
Office Address
Prudour Pvt. Ltd. 420 Lexington Avenue Suite 300 New York City, NY 10170.

Powered by Prudour Network

Copyrights © 2025 · Medical Market Report. All Rights Reserved.

Go to mobile version