U.S. Markets open in 6 hrs 33 mins

A Chinese food delivery billionaire is betting on a hybrid startup at a very tricky time

Echo Huang
A Chinese food delivery billionaire is betting on a hybrid startup at a very tricky time

Nearly every Chinese tech giant invested in electric car startups when the industry was thriving. Now the head of a Chinese food delivery giant is making a big bet on one just as a shakeout is coming. Meituan Dianping’s founder Wang Xing is leading an investment round of up to $500 million in hybrid electric car maker CHJ Automotive, a blog (link in Chinese) under financial news outlet Caijing, reported yesterday (June 17).