BEIJING, Oct 26 (Reuters) - T3, a Chinese ride-hailing
company backed by state-owned automakers FAW,
Dongfeng and Changan said on Tuesday that
it had raised 7.7 billion yuan ($1.2 billion) to fund
expansion.
T3's funding round comes as ride-hailing companies step up
efforts to take market share from China's ride hailing market
leader Didi Global Inc which is facing a cybersecurity
investigation by Chinese authorities.
T3, along with other ride hailing companies, including
Meituan's and Geely's Cao Cao, is offering promotions to attract
more users.
The company did not disclose its valuation after the
funding. Investors in this funding include Yingtong Technology,
online travel platform Tongcheng, and Virtue Capital,
an investment company led by Dong Yang, former head of China
Association of Automobile Manufacturers (CAAM), T3 said in a
statement.
The ride hailing industry in China is under scrutiny by the
country's regulators, who are urging ride hailing companies to
hire qualified drivers to comply with relevant rules and protect
data security.
(Reporting by Yilei Sun and Brenda Goh. Editing by Jane
Merriman)