There’s a new player in China’s ride-sharing market, with T3 now joining the ranks of DiDi, which currently dominates the space.
T3, which stands for Top 3 and has no relation to the consumer tech publication, is not just another ride-sharing service wanting to make a quick buck. Well that’s how it appears at least, as T3 has some rather notable investors in its ranks.
There are dozen companies that have joined to bring T3 to fruition, and among them the most high-profile are undoubtedly Alibaba and Tencent, both of which have a diverse portfolio when it comes to investments and services.
As for T3, an announcement made last week (PDF in Mandarin) confirms that the dozen investors have pooled together 9.76 billion yuan, or $1.45 billion in order to get their ambitious project off the ground.
That sizeable piece of capital will be focused towards renewable energy-based ride-sharing, the company’s press statement confirms. As TechCrunch points out, this should therefore align the organisation’s objectives with the city of Beijing’s focus on electrifying its transport network.
As for how T3 will look to differentiate itself from the likes DiDi and Uber, the company says it plans to develop a “smart mobility ecosystem,” that will leverage the data expertise of its partners like Alibaba and Tencent, along with the know-how of some of its carmaker investors too.
With regard to the immediate future, the firm says it plans to have a fleet of 5 000 vehicles operating on the streets of Nanjing (capital city of China’s Eastern Jiangsu province) in late May / early June of this year already. What the rollout or plans will be following that though, remains to be seen.
It should also be interesting to see whether T3 can indeed disrupt China’s burgeoning ride-sharing market, especially with the likes of Alibaba and Tencent backing it.[Image – CC 0 Pixabay]