Letv buys out China's leading car-hailing services company

Letv, a multinational internet conglomerate company based in China, today announced that it has acquired 70 percent stock shares of Yi Dao Car Services, a leading transportation network company similar to Uber. The investment makes Letv the largest shareholder of Yi Dao Car Services, which was founded in 2010 and currently holds 17.5 percent of China's car-hailing services market.

Yi Dao Car Services provides car-hailing services at 77 Chinese metro cities and 24 overseas cities like New York, Tokyo, Sydney, London and Vancouver. For Letv’s electric vehicle business unit, the acquisition completes the company's electric car strategy after it established cooperation with Aston Martin and BAIC Motor and invested in a string of upstream and downstream companies.

Letv's founder Mr. Jia Yueting also confirmed the news on his social media account. "After establishing cooperation with Aston Martin and BAIC Motor and investing in DZ company (a leading charging pole infrastructure company), this strategic investment in Yidao Car Services means Letv has completed its mapping in the internet-based smart electric car industry, including fields like R&D, manufacturing, sales, auto-network, charging infrastructure, after-sales, car-sharing and public running and so on. "

Jia revealed Letv’s electric car ambition last December by introducing the SEE (Super Electric Eco-system) project. The news continues Letv’s dedication to environmental conservation, continuous improvement of people’s surroundings, and the goal to make everyone enjoy life’s conveniences brought by the internet-based electric vehicle transportation system.