Shanghai (Gasgoo)- ByteDance, a Chinese social media titan operating several machine learning-based content platforms such as TikTok and Toutiao, recently established a car sales service subsidiary.
Photo credit: ByteDance
The new company was incorporated in Yuechi County, Sichuan Province, and involves registered capital of 1 million yuan ($157,000), according to business data platform Tianyancha. It is fully controlled by Beijing Youzhuju Network Technology Co., Ltd, a wholly owned subsidiary of ByteDance (Hong Kong) Ltd.
The business scope of the Sichuan-based subsidiary extends to cover new car sales, dealership and used car brokerage.
Although ByteDance has yet to announce its foray into the automotive industry, the company has already rolled out automotive-related businesses such as automotive cloud and self-driving.
It has been reported that the social media giant launched its automotive cloud business last month, which provides three services, namely IaaS (infrastructure as a service), SaaS (software as a service) and PaaS (platform- form as a service). Specifically, IaaS provides access to the public cloud; the SaaS includes functionalities such as service management, vehicle management, data generation and analysis of after-sales data; the PaaS includes data annotation, image rendering, data unpacking, and other features.
In September, ByteDance participated in a Series C financing of VisionNav Robotics, a Chinese provider of unmanned industrial vehicle technology.