(Yicai Global) April 24 -- Southern China's largest carmaker Guangzhou Automobile Group Co., known as GAC Group, has partnered with the country's leading ride-hailer Didi Chuxing to develop new energy vehicles (NEVs) tailored to its market.
The automaker signed an agreement with Beijing Xiaoju Technology Co.'s Didi, Guangdong-based GAC Group said in a statement, adding that the pair will team up to collaboratively design, develop and produce electric automobiles for the ride-sharing market.
The two parties will set up a joint venture with GAC designing and producing products according to Didi's actual needs, according to the statement. The partnership will diversify into other businesses, such as technology development, vehicle repair and maintenance, as well as GPS services in the future.
GAC has been experimenting with new businesses to integrate the internet with the auto industry. It formed partnerships with Chinese tech behemoth Tencent Holdings Ltd. and NEV startup Shanghai NIO Automobiles Co. in the second half of last year.
Editors: Emmi Laine, William Clegg