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China: Pateo, Yongche and Chery to jointly venture into the electric ‘smart’ car-sharing project

Published: February 10, 2015 | Beijing, China

Pateo has joined up with Yongche and Chery Automobile to form Yiqitaixing, (which in Chinese uses one character from each ofthe three companies)– a company that wants to become the world’s largest electric carmaker by 2018, with 150,000 of the electric cars on the road by then. A total of 10 million yuan ($1.6 million) was injected into the new company, which is going through the registration process in Anhui province.

Pateo_Chery_Yongche_Electric_Smart_Cars

The plan is ambitious, involving the design and production of a fleet of Internet-connected all-electric smart cars that can be reserved by smartphone and help drivers navigate China’s often-snarling traffic conditions via a wireless network. Think of it as a Chinese version of Zipcar, the world’s first on-demand short-term car rental founded in 2000, except in this case, the cars would be made specifically for the new joint venture company.

Pateo would provide its iVoka operating system while Yongche would handle the ride sharing platform. Pateo co-founder and CEO Freeman Shen said earlier this month his company is focused on expanding its business beyond providing vehicle telematics (the hardware and software systems that allow cars to send and receive wireless data) to 13 car manufacturers in China, including Volvo, Volkswagen and Audi. The company currently is the largest supplier of these vehicle telematics systems in China.

Yiqitaixing is due to release its fully electric smart car model in 2016.

Source: China Daily

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