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Honda invests in Chinese car-sharing platform

12/15/2017| 9:12:08 AM|

Japanese automaker Honda Motor Co. Ltd. has invested in a Chinese car-sharing platform and announced plans to produce its first electric vehicle in the country by 2018.

Honda China said Tuesday that it will invest 60 million yuan (USD 9.06 million) in Reachda, the car-sharing service of Shenyang-based Neusoft Reach Automotive Technology. The deal will give the automaker a 10% stake in Reachda.

Reachda will also begin using Honda’s vehicles for its car-sharing service. Currently, Reachda operates mainly in three provinces — Liaoning, Hebei and Hubei — with about 100 vehicles, most of which are electric vehicles from Chinese automaker Changan Automobile Group.

Honda said it will unveil its electric car in China by next year — an SUV model co-produced with the company’s China partner. The model will be specifically “tailored for the Chinese market,” Honda said.

It is yet immediately clear whether Honda’s first electric cars will be supplying Neusoft’s Reachda.

Under the upcoming program, automakers must obtain a certain amount of cap-and-trade credits — which are related to the various types of new-energy vehicles — beginning in 2019. Automakers must ensure a certain ratio of their sales come from low- and zero-emission vehicles.

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TAGS: Honda | Reachda | car-sharing |
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