eHi Car Services Forms Strategic Cooperation with SAIC
SHANGHAI, April 11, 2016 /PRNewswire/ -- eHi Car Services Limited ("eHi" or the "Company") (NYSE: EHIC), a leading car rentals and car services provider in China, today announced that the Company has signed a Memorandum of Understanding ("MoU") to establish a strategic cooperation with SAIC Motor Corporation Limited ("SAIC"), the largest automotive manufacturer on China's A-share market.
The strategic cooperation will enable eHi and SAIC to establish in-depth collaboration in several areas, including vehicle procurement and financing, used car sales and brand promotion. In particular, SAIC will provide comprehensive support and preferential policies for eHi related to vehicle procurement, post-sale services and vehicle maintenance, while eHi will cooperate with SAIC to explore growth opportunities in China's automotive market through a wide range of initiatives, including test drives, financial leasing and alternative vehicles.
"We have maintained a very good relationship with SAIC, and believe a deeper and more comprehensive cooperation will allow us to better serve the needs of our valued customers and support the healthy development of China's auto market," said Mr. Ray Zhang, eHi's Chairman and Chief Executive Officer. "By combining SAIC's leading technologies, excellent product quality and post-sale services with our strength in car rentals and car services market, we look forward to further enhancing our operating synergies and competitive positions."
About SAIC Motor Corporation Limited
SAIC Motor Corporation Limited is the largest automotive company on China's A-share market (Stock Code: 600104). SAIC's business covers the research, production and vehicle sales of both passenger and commercial vehicles. SAIC also covers components including engines, gearboxes, powertrains, chassis, interior and exterior and miscellaneous electronic components, and logistics, vehicle telematics, second-hand vehicle transactions and auto finance services.
About eHi Car Services Limited
eHi Car Services Limited (NYSE: EHIC) is China's No. 1 car services provider and No. 2 car rentals provider in terms of market share by revenues in 2013, according to Frost & Sullivan. The Company's mission is to provide comprehensive mobility solutions as an alternative to car ownership by best utilizing existing resources and sharing economy to create optimal value. eHi distinguishes itself in China's fast-growing car rental and car services market through its complementary business model, customer-centric corporate culture, broad geographic coverage, efficient fleet management, leading brand name, and commitment to technological innovation. eHi is the exclusive strategic partner in China of Enterprise, the largest car rental company in the world, and is the designated and preferred business partner of Ctrip, a leader in the online travel agency industry in China. For more information regarding eHi, please visit http://en.1hai.cn.
Safe Harbor Statement
This press release contains forward-looking statements made under the "safe harbor" provisions of Section 21E of the Securities Exchange Act of 1934, as amended, and the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," "confident" and similar statements. eHi may also make written or oral forward-looking statements in its reports filed with or furnished to the SEC, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Any statements that are not historical facts, including statements about eHi's beliefs and expectations, are forward-looking statements that involve factors, risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Such factors and risks include, but not limited to the following: the uncertainty as to whether the strategic cooperation between eHi and SAIC would be successful and eHi's ability to further enhance its operating synergies and competitive positions through this strategic cooperation. Further information regarding these and other risks, uncertainties or factors is included in the Company's filings with the SEC. All information provided in this press release is current as of the date of the press release, and eHi does not undertake any obligation to update such information, except as required under applicable law.
For investor and media inquiries, please contact:
eHi Car Services Limited
Tel: +86 (21) 6468-7000 ext. 8742
In the United States:
The Piacente Group, Inc.
Mr. Don Markley
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SOURCE eHi Car Services Limited