Michelin recently invested in a Chinese startup called Luli Informartion Technology. The startup is developing Lu You Tong Xing, an app offers ride-sharing services.
Ride-sharing is Luli’s core business and areas of expertise. It matches people who want to ride-share together to their work places.
Michelin said it invested in the startup because they share the same principles on environmental sustainability. Ride-sharing offers a solution to China’s traffic and emission problems.
Jean-Claude Zhang, the CEO of Luli Information Technology said: ‘This investment is a unique industrial partnership in the shared economy that not only gives Luli exceptional visibility as a challenger in the market but also promising business opportunities. It also positions Luli as a responsible provider of ride-sharing services’.
Philippe Barreaud, head of Michelin’s innovation incubation program in Asia commented: ‘This investment clearly strengthens Michelin’s position as a player in the area of sustainable mobility and also creates an additional channel to promote our offering of products and services to consumers in China’.