FAW-Dongfeng-Changan ride-hailing platform T3 Mobility bags 7.7 billion yuan in Series A round

Shanghai (Gasgoo)- T3 Mobility, the mobility service platform co-built by FAW Group, Dongfeng Motor, and Changan Automobile, said on Oct. 26 it has nabbed 7.7 billion yuan ($1.206 billion) in the Series A funding, the largest volume ever raised by a ride-hailing service company in China since 2018.

Photo credit: T3 Mobility

The fresh round was led by a CITIC-led consortium, with participation from Yingtong Technology, TravelGo, Redview Capital, Virtue Capital, as well as the returning investors FAW Group, Dongfeng Motor, Changan Automobile, Alibaba Group, and Tencent.

While announcing the close of the new round, T3 Mobility signed a strategic cooperation agreement with CITIC Investment Holdings Ltd. to jointly build a new ecosystem of smart mobility.

As publicly disclosed, since its inception in July 2019, T3 Mobility has to-day launched operations in 41 cities in China with over 54 million registered users, and completed about 370 million safe rides.

The mobility service platform saw its daily order volume exceed 2 million on Sept. 30, representing a hike of over 100% compared to the peak daily level for this year's second quarter.

Under the "4833 Strategy" T3 Mobility released in late December, 2020, the platform aims to expand businesses into 48 cities across China and hit the target of 3 million daily orders by the end of 2021.