DiDi plans to spend $151 million for electric car fleet

DiDi plans to spend 1 billion yuan (US$151 million) for the electric car fleet. The Beijing-based mobility-sharing giant plans to invest more money to expand the electric car rental market in China and compete SAIC Motor Corp's EvCard.

DiDi founder and CEO, Cheng Wei, said users will get the same ease to rent electric cars using smartphone apps as people have done when they use taxi services in the company's platform.

Tinuku DiDi plans to spend $151 million for electric car fleet

The latest move is part of DiDi's efforts in direct competition against EvCard backed by SAIC Motor Corp. which has operated 8,400 electric cars in 20 cities in mainland China in June this year.

Car manufacturers in China have expanded their business into the car rental and taxi services sector. More than 95 percent of the approximately 30,000 cars currently used in China's car sharing market are electric, plug-in hybrids and fuel cell.

DiDi in November announced a joint venture to build an electric vehicle charging network for universal use across the country. More than 260,000 electric vehicles currently run on the DiDi platform and Wei said the company will expand its fleet of electric vehicles to 1 million by 2020.