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GM buys stake in Chinese car-sharing company

Reuters

Cars line up near a toll station on the first day of China’s National Day holiday, in Nanjing, Jiangsu province, China, on October 1, 2016.

SHANGHAI—General Motors Co. has invested in Chinese car-sharing company Yi Wei Xing (Beijing) Technology Co., the latest foray by the U.S. auto giant into alternative transportation services.

Yi Wei Xing works with car-rental companies and allows customers to rent cars by the minute, hour or day through its smartphone app, Feezu. Established in 2014, the company operates in more than 40 Chinese cities.

“Every market has its unique requirements for car-sharing services,” said Julia Steyn, GM vice president of Urban Mobility Programs.

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