Car Inc may soon exit the Charles Lu family · TechNode


Car Inc may soon have no more formal ties to Charles Lu, founder of Luckin, Car Inc, and Ucar.

China’s Beijing Automotive Group (BAIC) is seeking to buy a stake of up to 21.26% in Car Inc, a Hong Kong-listed car rental company formed by Luckin Coffee chairman Charles Lu. Shares of Car Inc surged 24.4% to close at HKD 2.24 ($0.29) on Monday.

READ MORE: Charles Lu: The man behind Luckin and China’s fastest IPOs

Why it matters: The deal would mean state-backed BAIC is taking over the China’s biggest car rental company in which Luckin Coffee chairman Charles Lu is the controlling shareholder.

Jill Shen is Shanghai-based technology reporter. She covers Chinese mobility, autonomous vehicles, and electric vehicles. Connect with her via e-mail: jill.shen@technode.com



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