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The San Francisco based mobile company recently announced its partnership with the leading Chinese automaker to get aggressive on gaining market share in China and expand to 100 cities in a year. The alliance will focus on areas of investment, sales, marketing and popularizing new energy vehicles including hybrid and electric cars on road. Uber China was launched in February 2014 and has presence in 21 cities.
Uber’s market share in China has witnessed a rise from a miniscule 1% at the beginning of this year to a significant 30% by year-end. Guangzhou Auto comes as a much-needed local partner for Uber China as the venture is facing tough competition from local rival Didi Kuaidi that recently bagged big funding from Tencent and Alibaba.
The ride-sharing market in China is a fast growing segment and Uber will continue to invest resources to hit profitability with time. The mobile-based service has already converted to moneymaking venture in North America and Europe.
