Electric car sharing project to shake up traditional market

In 2011, Yongche Inc launched its new website and started its pick-up and car sharing platform through smart phone apps and social network sites.

In 2013, Chery Automobile Co unveiled its individual public transport system concept, @Ant electric concept vehicles, which used telematics technology and connected to the Internet and cloud computing system.

It shares information and uses wireless charging.

Under the new joint venture, Chery will provide the car manufacturing facility and Pateo will provide its iVoka Operating System. Months ago, the team expand to three with Zhou whose Yongche Inc has an edge in car sharing.

A total of 10 million yuan ($1.6 million) was injected into the new company, which is going through the registration process in Anhui province.

The joint venture was named Yiqitaixing, which in Chinese uses one character from each of the three companies.

Yin said the business model is based on the Internet and will embrace the spirit of opening and sharing. "The key is in the business model's innovation and the new company will be led by Internet companies," he said.

Yiqitaixing is due to release its fully electric smart car model in 2016.

Zhou also revealed the company's amibition to become world's top electric carmaker in 2018 with 150,000 units on the roads.

"The new company will formulate a completely new operation model leading the country and we three companies expect to lead the world," Zhou said.