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On December 4th, PonyCar, a car-sharing platform, secured 250 million yuan in C-round funding. Last month, two major players also entered the market—BMW and a U.S.-based shared car project launched operations in Chengdu. In March and October of this year, two well-known time-sharing companies, Friends of Friends and EZZY, shut down, dampening the enthusiasm for shared mobility in the sector.
With the release of carbon emission guidelines in 2018, demand for capacity-building in main engine plants is expected to rise, leading to a surge in the shared automotive industry in China. More companies are entering the space, but unlike the bike-sharing boom, competition won’t be dominated by just a few players. Instead, it will be more intense and fragmented, according to Yang Yang, CEO of Yi Weixing, who spoke with a reporter from 21st Century Business Herald on December 3rd.
Data shows that local operators dominate China’s time-sharing leasing market, holding over 90% of the share. The open market and user base continue to attract a wide range of companies from different industries and regions.
More players are expected to enter the market. On August 8, 2017, the Ministry of Transport and the Ministry of Housing and Urban-Rural Development issued guidance encouraging the development of small and medium-sized passenger car leasing. According to a report by Rolanberg Consulting, the number of vehicles leased through time-sharing in China is expected to grow at a compound annual rate of 45% over the next decade, reaching up to 600,000 units by 2025.
Currently, four main types of companies operate in the time-sharing leasing sector: automotive enterprises, cross-border players, car rental companies, and third-party tech firms. Each has its own strengths and challenges. For example, automotive companies benefit from OEM support, while cross-border players bring user resources and brand recognition.
Multinational companies like BMW’s ReachNow and Audi’s AudiOnDemand have already established themselves in Europe and the U.S., now expanding into China. However, adapting to China’s diverse policies and local conditions proves challenging for foreign firms.
Cross-border players such as the U.S. group have an advantage in user data and ecosystem integration, which can drive greater commercial value. Meanwhile, companies backed by strong financial backers are better positioned to survive the current competitive phase, where funding shortages are a major hurdle.
Looking ahead, 2024 is expected to bring more capital inflows and industry consolidation. Market space will shrink, and the top 30 players will likely dominate. Some smaller companies may struggle, but others could carve out niche markets.
Chengdu has become a model for time-sharing leasing in China. The city's favorable policies, economic growth, and openness to new business models make it an ideal testing ground. The Chengdu Municipal Government has set ambitious goals for new energy vehicle sharing, aiming to expand service networks and charging infrastructure significantly by 2020.
Other cities like Shanghai, Chongqing, and Guangzhou have also introduced supportive policies. While government subsidies remain limited, officials suggest that support in areas like licensing and credit systems can help the industry grow faster.
Yang Yang believes that time-sharing leasing is not a fast-growing, oligopolistic market. Success depends heavily on local resources such as licenses and parking spaces, which are difficult to replicate. As a result, each region may see one or two dominant players controlling the local market.
This trend is already visible. EVCARD dominates in Shanghai, and Panda Travel holds a significant share in Chongqing. These companies benefited from early local entry, securing key resources. However, scaling across multiple cities remains a challenge for many companies in the sector.
August 24, 2025