(Yicai Global) Dec. 4 -- China's ride-hailing giant Didi Chuxing will shift its focus to the car sharing sector, with an investment of no less than CNY1 billion (USD150 million). The company will also expand the new energy vehicle (NEV) service business and will place about 1 million electric vehicles on its platform by 2020, Cheng Wei, founder and CEO of Didi Chuxing, said today at the 2017 World Internet Conference held in Wuzhen, East China's Zhejiang province.

Didi Chuxing introduced 'Fenfenzu' (car renting by minutes) business, indicating its entry into the car sharing market last August. The first pilot projects started in Shanghai, Wuhan, central Hubei province, and Chengdu, southwestern Sichuan province, and expanded into other cities gradually. 

Didi Chuxing would vigorously invest in the car sharing sector, Cheng said. "Currently, there remain a lot of challenges in this market, such as car parking and the delayed ride after placing an order. Didi would introduce tremendous resources and make an investment of no less than CNY1 billion [in this field]," the CEO of car-hailing giant Didi Chuxing revealed. 

Didi also eyes the new energy vehicle sector. It has teamed up with 'Global Energy Interconnection Development & Cooperation Organization' (GEIDCO) to jointly establish a global new energy vehicle service company, which would support the new energy vehicle industry through the charging & battery swapping system, power storage, battery recycling and other supporting facilities, Cheng said.

'Xiaojuchongdian,' a product of its new energy vehicle company, would be released this month, said Cheng. About 1 million new electric vehicles are expected to be placed on the platform by 2020, while the infrastructure construction, such as the power charging network, should be finished before that, he added. 

There are over 260,000 electric vehicles active on the Didi Chuxing's platform, serving 2 million people every day globally, which makes Didi Chuxing the world's largest electric vehicle operator, Cheng said.