Mobike bicycles in Tianjin, China, in March 2017. Photo: iStock

FAW Car, a subsidiary of the Changchun-based FAW Group, said in an announcement on Sunday that the company was securing a 10% stake in Mobike Chuxing Technology Co. Ltd., without disclosing any further financial details, reported.

Mobike Chuxing was set up by China’s leading bike-sharing startup Mobike in December 2017. It was registered as a car-sharing company.

With the strategic investment, FAW will provide cars for Mobike’s car-sharing project. The two companies are also expected to work together in the field of vehicle production, R&D and sales.

Mobike Chuxing has launched its first batch of shared vehicles in Gui’an New District, all of which are new energy vehicles provided by Beiqi Group and FAW Group.