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Michelin Group invests in e Dai Bo: a valet parking service in China

Through its Incubator program, and to reinforce its service and growth strategy in the region, Michelin has invested in e Dai Bo, a Chinese start-up which provides valet parking services via a digital platform throughout China.

Parking is a major problem for car owners and drivers in China where the number of cars is growing at a faster rate than parking space. Already operating at most of the major airports, e Dai Bo is starting to develop a presence in downtown areas of large cities like Beijing and Shanghai where the demand for parking is very high.

Lv Ye, CEO of e Dai Bo said: ‘With this strategic investment we will not only get funding and endorsement from Michelin, but we will be in a better position to provide best-in-class car care services to our customers, not only at airports, but also in downtown areas through Michelin’s fast-growing TyrePlus network’.

As part of its service offer, e Dai Bo has chosen TyrePlus as its car care service provider so customers using valet parking have the opportunity to have their car serviced, and in the process bringing additional traffic to Michelin’s existing and growing network of 1,400 TyrePlus shops.

Commenting on the investment, Philippe Barreaud, the head of Michelin’s Innovation Incubator organization in Asia said: ‘We believe the fundamentals of valet parking are very strong in China’s cities and we are adamant that e Dai Bo is positioned to be a leader in this new and fast growing market. Both companies are committed to creating value for car drivers with e Dai Bo bringing its digital platform and high quality valet parking services while Michelin, using its existing and fast growing network of TyrePlus shops, provides opportunities for car care services whenever a driver entrusts their vehicle to e Dai Bo’.

Next Finance , June 2016

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