Chinese internet giants Tencet Holdings Ltd, Baidu Inc and JD.com Inc have recently injected $1 billion into auto portal Bitauto Holdings Ltd as its aim is to become China’s largest online car financing platform.
According to an article by for Reuters, William Li, who is also chairman of electric vehicle startup Nio, did not elaborate on the fundraising.
This is the latest in a series of investments Bitauto has raised from Tencent, Baidu and JD.com. Chinese consumers tend to avoid taking out car loans, although world renown consulting firm Deloitte expects this to change in the near future, predicting that 50 percent of all cars to be purchased on credit in China by 2020.
The above article was sourced from Reuters, and it can be read in its original form here.