Monday, 2024 June 17

Hello Chuxing partners with CATL and Alipay on scooter battery-sharing venture

Alibaba-backed bicycle-sharing company Hello Chuxing has invested RMB 1 billion (USD 144.5 million) with Alipay and CATL to form a battery-sharing business for electric scooter users, 36Kr reports.

Each of the three companies will bring their own expertise to the table: Hello Chuxing is in charge of business operations; CATL, China’s largest battery manufacturer, will provide the charging technology; while Alipay is responsible for user growth and online conversions.

The plan is to set up electric scooter battery stalls in locations across a city, and then let users rent these batteries for their scooters by scanning on the QR code.

Hello Chuxing’s CEO, Yang Lei, will head the new company. He estimates¬†350 million electric scooters are on the road in China currently, with 40 million vehicles sold annually.

Also, taking a page from Hello Chuxing’s bicycle-sharing playbook, the electric scooter battery-sharing business will focus initially on China’s second- and third-tier cities.

36Kr is KrASIA’s parent company.

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