Beijing-based online chauffeured car service provider Ucar said in an announcement that it plans to acquire a 67% stake in auto manufacturer Beijing Borgward Automobile in a RMB4.1 billion yuan (US$610 million) cash deal.
Unlike China’s ride-hailing giant Didi Chuxing, Ucar rents out cars and cooperates with companies with professional drivers to underpin its chauffeured car service.
The company said that this acquisition will enhance its ability to control the upstream of automobile industry.
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