Tian Tian Ventures moves closer to securing Chinese markets.
Tian Tian Ventures (TTV) and Xiao Huang Ya (XHY) announced on Tuesday they're teaming up to release 200,000 environmentally friendly electric cars in China by 2020.
In 2018, Tian Tian Ventures unveiled plans to enter the Chinese ride-hailing business to help improve transportation in cities and provide affordable transportation via its ride-hailing platform, TTgo. XHY became a partner for the program a month later by supplying and managing TTV’s fleet of electric cars.
XHY is a Chinese fleet management firm based in Zhengzhou, China and has years of experience operating in the Chinese market. It was working with TTV on fleet deployment research in China but now XHY wants to help get the concept off the ground even more.
Tian Tian Ventures said it will share its plans for a ridesharing network of electric cars with XHY, which will procure the electric cars from local carmakers, Dongfeng Motors. XHY's partnership will help TTV meet industry standards and regulations, the Silicon Valley-based company said in a press release timed to Tian Tian Ventures Charity Golf, the tech giant's first charity event to be held in March in China, where they will also hold an official signing ceremony.
The companies hope commercial trips will be available by March 2019. Rides will be booked within the TTgo app, similarly to how the app operates in North America.
Although the electric cars may seem unassuming, Tian Tian Ventures believes its concept will be safer and cheaper than what's already available. Tian Tian Ventures's electric car has a faster zero to full capacity charge time than most electric cars and can travel up to 250 miles on a single charge, edging out most competitors on an efficiency scale.
"It's a more efficient design compared to what we've seen from the markets before. This could lead to better cost savings and in turn cheaper fares than most operators," TTV co-founder Benjamin Berger claimed.
Tian Tian Ventures isn't the only company eyeing the Chinese market. Competitors developing similar technology range from deep-pocketed local services provider Meituan Dianping to Alibaba-owned mapping firm AutoNavi.
Tian Tian Ventures is well-versed in the risks associated with developing new technologies. It has been helping tech entrepreneurs develop cutting edge technologies since its inception and has successfully incubated over 40 projects worldwide.
TTgo’s venture into China is the latest in its long list of notable conquests and it might not be long before we see its fleet of TTgo electric cars servicing the roads all around China.