After Uber China’s and Didi’s latest financing, Chinese ride-hailing company Yidao announced the result of their cooperation with Chinese tech giant LeEco in Beijing on Tuesday. Yidao said that they wanted to become an ecosystem.
“Yidao is probably the first company to be resurrected from the dead in the internet industry,” Zhou Hang, the founder and CEO of Yidao, said at the press release on Tuesday.
Indeed, Yidao was almost at its lowest ebb ever, because of the quick expansion of Didi and Uber China. However, LeEco invested USD 700 million in Yidao and acquired 70% of its shares last October. LeEco CEO Jia Yueting set a goal for Yidao in 2016: “one million orders per day, one million registered drivers and one million vehicles”
According to Yidao, it now has over 2.3 million vehicles, among which 1.5 million were newly added since LeEco’s investment. It has over 2.7 million valid orders per day. Yidao said it had therefore achieved its goals for 2016.
Uber China released data one week ago that it is achieving 30 million orders per month, averaging out to slightly less than one million per day. Uber also said that they are about to enter their 60th city in China, but Yidao announced on Tuesday that they are already operational in 162 cities.
“Yidao now ranks second in the Chinese ride-hailing market, with a 30% share. Our gross merchandise volume is also bigger than Uber China,” said Zhou.
Yidao also changed its name from “Yidao Yongche” to “Yidao” and used a new logo. Yidao aims to bring more products and services to both the drivers and the passengers, and finally make their own ecosystem based on ride hailing.
According to a report by CNIT-Research in June 2015, Yidao Yongche ranked third with a 6.3% share of the ride-hailing market in China, behind Uber’s 11.5% and Didi Kuaidi’s 80.2%.
(Top photo from biz.xinmin.cn)