Caocao Chuxing

About Caocao Chuxing

Caocao Chuxing, officially launched in Hangzhou in May 2015, is a new energy-focused mobility platform backed by Geely Technology Group. The company was established by Liu Jinliang, who brought his extensive experience from the traditional automotive and new energy sectors to the ride-hailing industry. His background includes significant time at Geely, which provided a strong foundation for launching a mobility service with a distinct focus on new energy vehicles (NEVs). Caocao Chuxing's strategic direction has been significantly influenced by Geely's ambition to transition into a mobility and technology service provider. The platform's core business is providing ride-hailing services, distinguishing itself by operating its own fleet of new energy vehicles, which ensures a standardized and high-quality service for its users. This model, combining B2C (business-to-consumer) with a franchising model, targets a broad consumer base looking for reliable and environmentally friendly transportation options in the competitive Chinese mobility market. The company generates revenue primarily from the fares paid by riders for its various services, which include on-demand rides, scheduled trips, and enterprise solutions for corporate clients. A significant milestone was achieved in September 2021 when Caocao Chuxing secured 3.8 billion yuan (US$589 million) in a Series B financing round, attracting investors such as Suzhou Xiangcheng Financial Holding Group, with the stated goal of expanding its fleet and enhancing its technology. Caocao Chuxing's service portfolio is built around its commitment to new energy. Beyond standard ride-hailing, the platform offers services tailored to different needs, such as Caocao Business for corporate travel and other specialized options. A key differentiator is its 'N³' strategy, focusing on New Car, New Power, and New Ecosystem, which underpins its service. The platform leverages Geely's manufacturing capabilities to deploy custom-built electric vehicles designed for ride-hailing, featuring advanced intelligent and safety technologies. This vertical integration allows for greater control over the user experience, from vehicle quality to driver service standards, setting it apart in a market predominantly comprised of privately-owned vehicles.