Chinese car-sharing startups face reckoning as more than 500 players crowd into a fast-growing, but young, market
They are in one of the world's most promising growth markets, but Chinese car-sharing startups seem to be having a rather bumpy ride of late.
Last month, Beijing-based TOGO ran into a deposit refund crisis as anxious users flocked to cancel their accounts and reclaim their RMB 1,500 deposit – but had trouble getting their money back. TOGO was said to be shrinking or even suspending their operations in several cities because of exorbitant maintenance costs; hence the panic.
In October 2017, another Beijing-based car-sharing app, EZZY, said it was closing for good. Launched in March 2016, EZZY used to impress the public with its high-end fleet, which included models like the BMW i3 and Audi A3.
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