BAIC buys stake in China's biggest car rental firm from Luckin founder

BAIC buys stake in China's biggest car rental firm from Luckin founder

Photo by Alessio Lin on Unsplash

A company controlled by the founder of scandal-plagued Luckin Coffee Inc. agreed to sell its stake in Car Inc. to a unit of Beijing Automotive Group Co. Ltd. (BAIC Group), ending a month-long fight for ownership of China’s biggest car rental provider.

Bring stories like this into your inbox every day.

Sign up for our newsletter - The Daily Brief
Subscribe to Newsletter