eHi Car Services, a Shanghai-based auto rental and chauffeuring company, has entered into a five-year framework agreement with China Development Bank’s Shanghai branch. This agreement will include financing products for an aggregate amount of $1.5 billion RMB (Chinese Yuan Renminbi), according to the company.
The agreement also allows eHi and China Development Bank to establish cooperation in various areas, including vehicle fixed-asset investment.
“We are delighted to have the support of China Development Bank Shanghai Branch," said Ray Zhang, eHi's chairman and chief executive officer. "This agreement will create further economies of scale by enabling the expansion of our network and fleet, while also fulfilling our future business development needs."
eHi has a fleet of over 10,000 vehicles at more than 1,200 locations in 100 cities across China, according to the company.
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