T3, a Chinese ride-hailing company backed by state-owned automakers FAW, Dongfeng and Changan said on Tuesday that it had raised 7.7 billion yuan ($1.2 billion) to fund expansion.
T3’s funding round comes as ride-hailing companies step up efforts to take market share from China’s ride-hailing market leader Didi Global Inc which is facing a cybersecurity investigation by Chinese authorities.
