Toyota and DiDi Chuxing Established JV “Fengju Chuxing” in Chinese Ride-Hailing Market


Recently, Toyota and the Chinese ride-hailing giant DiDi Chuxing jointly established a joint venture company in China, Fengju Chuxing (Beijing) Technology Co., Ltd. Fengju Chuxing is the Chinese spelling “丰桔出行”, actually means Toyoga + Xiaoju Technology (the company who owned DiDi Chuxing), there is not yet English name for this company.

Fengju Chuxing is positioned as a car rental service provider, covering automotive sales, technology development and online ride-hailing, the registered capital of the company is 159.95 million US dollars, the chairman and legal representative is Yang Jun, who is the Vice President of DiDi Chuxing

On July 25 this year, Toyota reached a cooperation agreement with DiDi Chuxing, the two sides will cooperate in the field of intelligent travel services. Toyota said it will invest $600 million in DiDi, part of which will be used to set up a joint venture to provide vehicle management, mobile travel and financing for both platforms in China.

According to the information found in the relevant channels, the company currently holding an absolute share (94.94%) in “Fengju Chuxing” is a company called Destiny Mobility Investments Limited, registered on July 29 this year, while the other 5.06% shares are held by GAC-Toyota Motor Co., Ltd.

In the international car-hailing market, Toyota’s layout has already begun: in 2015, Toyota participated in Uber; in 2018, Toyota invested $1 billion in Singapore’s taxi service company Grab and continued to invest $500 million in Uber; in 2019, Toyota joined Softbank and Denso invested $1 billion to acquire a 14% stake in Uber’s self-driving car division and announced a $600 million investment in DiDi.