The logo of Faw is seen on the car maker's booth at the 2016 Moscow International Auto Salon in Moscow, Russia, August 24, 2016. REUTERS/Maxim Shemetov BEIJING (Reuters) - FAW Car Co Ltd (000800.SZ) said on Sunday it was taking a 10 percent stake in Chinese bicycle-sharing startup Mobike’s new car-sharing unit Mobike Chuxing Technology Co. Mobike Chuxing was set up in December with registered capital of 20 million yuan ($3 million). With the strategic investment, FAW will provide electric cars for the project. FAW, in a statement, said it had signed a deal to buy the stake but did not disclose financial details. The investment will not have a significant impact on FAW’s earnings. Mobike, whose backers include Tencent (0700.HK) and Sequoia, has 100 million users and supports roughly 25 million rides a day. Its top competitor, ofo, raised $450 million in May last year from a range of investors, including Chinese ride-sharing service Didi Chuxing. Reporting by Josephine Mason and Meng Meng; Editing by Susan Fenton
China's FAW Car is taking a 10 percent stake in bike-sharing start-up Mobike's car-sharing unit. As part of the deal, FAW will provide electric cars for Mobike Chuxing, which was set up last month with a registered capital of CNY20m ($3m). Mobike has about 100 million users and enables about 25 million rides each day.