eHi Car Services Partners with Volkswagen Group China on Luxury Mobility-on-Demand Services in China

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【Summary】Volkswagen Group China and eHi Car Services Limited, a leading car rentals and car services provider in China, have signed a Memorandum of Understanding to jointly explore luxury mobility-on-demand services in China.

  Eric Walz  ·  Sep 29, 2017 10:32 AM PT
author: Eric Walz   

BEIJING and SHANGHAI — Volkswagen Group China and eHi Car Services Limited ("eHi" or the "Company") (NYSE: EHIC), a leading car rentals and car services provider in China, have signed a Memorandum of Understanding to jointly explore luxury mobility-on-demand services in China.

Both parties will leverage innovative technologies, rapidly developing mobile Internet and car connectivity to provide luxury mobile services to Chinese consumers. Entirely new on-demand services will satisfy diverse needs, and make luxury mobility more comfortable and more convenient.

Currently, popularization of mobile devices and Internet connectivity enable rapid innovations in China's mobility services market. Consumer demand for luxury vehicles and increasing business travel requires more quality and customized luxury mobility solutions.

To address the huge market potential, a strategic partnership will be formed which combines the strengths of Volkswagen – a leading automaker with Audi, Porsche and Bentley luxury brands, a comprehensive range of exciting car models for every mobility need and long-established popularity in China, and the New York Stock Exchange-listed eHi's mobility services leadership in China, where it operates about 60,000 vehicles from more than 4,000 directly managed service locations in more than 250 cities.

Prof. Dr. Jochem Heizmann, Member of the Board of Management of Volkswagen Aktiengesellschaft as well as President and CEO of Volkswagen Group China, said, "Volkswagen Group China understands the various needs for new mobility and sees clearly the trend of the transportation-on-demand business. This is the latest example of our strategy to work with outstanding Chinese companies to develop innovative concepts that can advance new mobility-on-demand services in China and provide well-matched mobility services solutions to customers."

Mr. Ray Zhang, eHi's Chairman and Chief Executive Officer, said, "China is facing a historic opportunity from consumption upgrade and economic transformation. At the same time, new mobility services are an essential part of the sharing economy, which is becoming more popular for hundreds of millions of Chinese consumers. We believe this cooperation with Volkswagen Group China will add an important new level to mobility services and support the ongoing development of China's mobility services sector."

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