Geely-Backed Caocao Mobility Reaches Strategic Cooperation With Ruilan Auto

Caocao Mobility, which has received key investment from Chinese automaker Geely, reached a strategic cooperation with Ruilan Auto on Wednesday. Under the partnership, Caocao Mobility will continue to adopt Ruilan Auto’s Maple 60S model in its operations across the country. In addition, Caocao launched two new ride-hailing brands. Gong Xin, CEO of Caocao Mobility, said that its total number of users has now exceeded 120 million.

Ruilan Auto is a joint venture established by Geely Automobile and Lifan Technology in December 2021. On February 23 of this year, Maple 60S, the company’s first battery swappable vehicle, was officially launched. After reaching the strategic cooperation, Caocao Mobility will continue to apply the Maple 60S to its operations across China. Gong Xin added, “The ‘New Car’ is one of the three major parts of our N3 strategy, and it is also the core of Caocao Mobility to maintain its development advantage in the online ride-hailing car industry at this stage.”

In addition, among the two new ride-hailing businesses released by Caocao Mobility, one is called “Zhuanche,” focusing on quality service and travel experience on the premise of pricing that is sensitive to customers’ needs. The other business, “Huixuan,” is positioned as affordable ride hailing service.

Gong Xin revealed that Huixuan has been piloted in a few cities, such as Chongqing and Chengdu. “We chose to release two product lines in Chongqing because we value the potential and influence of the Chongqing market itself.”

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Caocao Mobility released the N3 strategy after its completion of round-B financing in September 2021. The strategy consists of “New Car,” “New Power” and “New Ecosystem.”

(Source: Caocao Mobility)

Gong Xin expressed his confidence in the N3 strategy, saying: “Customized cars have lower costs and cheaper maintenance costs, which are more in line with the requirements of online ride-hailing business and can reduce the burden on drivers. In addition, with the continuous development of the new energy industry, the battery swapping technology is getting mature, the standards become more unified, and the coverage and density of battery swapping stations are continuously improved. All these have reduced the energy cost and the daily cost of our drivers.”