Didi Chuxing, the giant Chinese ride-sharing company, recently announced an investment of $1 billion in their new Xiaoju Automotive Solutions, a new breakout company that handles auto loans and leases for Didi ride-hailing drivers.
Xiaoju was incubated by DiDi starting in 2015 and the mobility solutions provider began using it on a trial basis in April to facilitate loans, leases, gas refueling, auto maintenance, and carshare services.
“We hope our drivers take advantage of DiDi’s financial packages that include outstanding and flexible financing, leasing, and insurance services,” a company spokeswoman told AFN in an email. “With these services, we aim to provide reasonable and affordable car ownership options for our drivers, especially younger drivers who may not be able to afford one otherwise.”
Many drivers avoid used-cars in China because there’s a lack of reliable history reports and consumers are afraid they’ll purchase a “lemon.” While DiDi offers financing to own the vehicle in its entirety, the company is also exploring new forms of shared ownership that allow drivers to swap cars more frequently.
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