China's FAW Car buys 10 percent stake in Mobike's new car-sharing unit

BEIJING (Reuters) - FAW Car Co Ltd 000800.SZ said on Sunday it was taking a 10 percent stake in Chinese bicycle-sharing startup Mobike’s new car-sharing unit Mobike Chuxing Technology Co. 

The logo of Faw is seen on the car maker's booth at the 2016 Moscow International Auto Salon in Moscow, Russia, August 24, 2016. REUTERS/Maxim Shemetov

Mobike Chuxing was set up in December with registered capital of 20 million yuan (2.21 million pounds).

With the strategic investment, FAW will provide electric cars for the project.

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