Tag: carsharing
Peer-to-peer car rental startup Getaround fined nearly $1M by DC’s attorney general
Getaround was fined nearly $1 million by the Washington, D.C. Office of the attorney general for operating without a license and other violations, part of a settlement of what the peer-to-peer car rental startup calls “politically motivated allegations.” The AG’s office started investigating the company early last year, after it…
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Despite flat growth, ride-hailing colossus Didi’s US IPO could reach $70B
Didi filed to go public in the United States last night, providing a look into the Chinese ride-hailing company’s business. This morning, we’re extending our earlier reporting on the company to dive into its numerical performance, economic health and possible valuation. Recall that Didi has raised tens of billions worth of…
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SoftBank, Uber, Tencent set to reap rewards from Didi IPO
After years of speculation, Didi Chuxing, China’s ride-sharing behemoth, finally unveiled its IPO filing in the U.S., giving a glimpse into its money-losing history. Didi didn’t disclose the size of its raise. Reuters reported the company could raise around $10 billion at a valuation of close to $100 billion. Cheng…
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SoftBank pours $500M into Didi in China’s biggest autonomous driving round
The race to automate vehicles on China’s roads is heating up. Didi, the Uber of China, announced this week an outsized investment of over $500 million in its freshly minted autonomous driving subsidiary. Placing the bet — the single largest fundraising round in China’s autonomous driving sector — is its…
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Uber subsidiary Careem to slash workforce by 31%, suspends bus transport app
Careem, the Dubai-based ride-hailing and delivery company that was acquired by Uber last year, is cutting its workforce by 31% and suspending its mass transportation business due to affects from the COVID-19 pandemic. The layoffs will affect more than 530 employees. Employees who are laid off will receive at least…
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GM exits car-sharing business and shuts down Maven
GM’s experiment with car sharing is over. The automaker Tuesday said its Maven car-sharing service, which launched in 2016, will shut down for good. Maven had paused service due to the COVID-19 pandemic. The company sent an email to customers Tuesday that after examining the business, the car-sharing industry and…
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