Video China World Entertainment Sports Lifestyle & Tencent invest $1.55 bln in Bitauto

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US-listed Chinese auto website operator Bitauto is teaming up with and Tencent in a US$1.5 billion deal to provide online car transactions., China's second largest e-commerce firm, will invest US$1.15 billion in Bitauto. Chinese Internet giant Tencent will pay US$150 million for Bitauto's shares.

The two companies will also invest US$150 million and US$100 million respectively into YiXin Capital, a business unit under Bitauto.

China's online car sales are booming. During the "single's day" shopping spree in November, more than 50 car brands turned to online sales, providing 300 models of cars to online shoppers.

Meanwhile, traditional car dealers face high inventory pressure in China.

BitAuto expects online car sales to make up 10 percent of the market total in three years.


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