August 6, 2018 / 6:10 AM / 10 months ago

China's Didi to invest $1 bln in its auto services platform

BEIJING, Aug 6 (Reuters) - Didi Chuxing, China’s largest ride-hailing service, said on Monday it will invest $1 billion in its auto services business as part of a wider rebranding of the unit.

Didi’s services business, which includes auto leasing, car maintenance and gas station services, has annualized sales of 60 billion yuan ($8.79 billion), the company added.

“Building on our service to 30 million DiDi drivers, we will strive to develop a leading one-stop auto service platform capable of winning the highest trust of car users,” said Kevin Chen, who heads the unit that has been rebranded as ‘Xiaoju’.

It comes as Didi is preparing for a blockbuster IPO, which could happen as early as next year, according to people familiar with the plans. (Reporting by Cate Cadell, Editing by Sherry Jacob-Phillips)

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