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05/02/2024 02:51:59 pm

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GM Invests in Chinese Car-Rental Technology Startup Yi Wei Xing

 A sign is displayed with General Motors vehicles at their headquarters April 1, 2014 in Detroit, Michigan.

(Photo : Getty Images) A sign is displayed with General Motors vehicles at their headquarters April 1, 2014 in Detroit, Michigan.

General Motors (GM) announced on Tuesday it has invested an undisclosed amount in China's Yi Wei Xing, a car-sharing platform behind Feezu, as it takes another move to explore "personal mobility" in China.

"Every market has its unique requirements for car-sharing services," Julia Steyn, GM vice president of urban mobility programs, said. "Yi Wei Xing has solid technologies and innovations that will help us explore more efficient and personalized mobility solutions for consumers in China."

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GM's latest investment aims to explore China's various car rental models, learn the country's car-sharing market, and determine commuters' choices of transportation, according to Fortune.

Yi Wei Xing's Feezu provides "a convenient car-rental and car-sharing experience." It also offers car-rental agencies via its cloud-based car-sharing platform. It can be used by traditional car rental companies to rent cars by the hour or in even smaller increments.

In car-sharing, the car will be rented and the client will drive the vehicle themselves. On the other hand, ride-sharing means the car will be driven by someone else.

Meanwhile, GM also initiated a two-year program in Shanghai Jiao Tong University last year. It deployed 16 Chevrolet EN-V 2.0 electric concept, which gained over 1,000 rentals per month from faculty and students, helping GM study China's car-sharing network, the Detroit News reported. It also launched a carpooling pilot for employees in Shanghai, where they arrange rides via a mobile app.

Earlier this year, GM also rolled out a car-sharing and personal mobility brand called Maven. The service is currently available in Ann Arbor, Michigan, Boston, Chicago, San Francisco, and Washington D.C.

GM said there are between 5 million and 6 million people using transportation-sharing services today. The figure is expected to grow fivefold by the end of the decade.

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