Fu Qiang, senior vice president of Didi and CEO of the Urban Transportation and Service Department within the ride-hailing giant, will leave his post in the near future, and his next job is unknown, LatePost reported on March 3.
Fu Qiang joined Kuaidi Dache in 2014, when the taxi-hailing app had not yet merged with Didi, and served as regional operation director and vice president. During this period, he explored the markets in Beijing and Tianjin, helping Kuaidi Dache gain a firm foothold in the taxi business. After the merger with Didi in 2015, Fu quickly developed the designated driving business for the company. One hundred days after the new business sector was launched, it covered 200 cities, with more than 1.5 million registered drivers, and the number of peak single-day orders exceeded 500,000.
In 2016, Didi strategically invested in Ofo, a bike-sharing company. Over the next year, Fu, along with several senior executives and middle managers, were sent to Ofo, with Fu serving as CEO. During his term of office, he promoted offline operation of Ofo, but failed to prevent Ofo from eventually failing.
In 2020, Didi proposed that the goal for the next three years was to complete more than 100 million orders every day, of which 40 million should be taken by the bike-sharing sector. In that year, the company merged several business divisions, such as bike-sharing, designated driving and freight transportation, and Fu served as CEO of the new business group. However, the number of share bikes Didi can put into a city depends on the requirements of local government. The designated driving business has been affected by the epidemic in the past few years, while freight businesses have shrunk rapidly since 2020.
After more than a year under rectification procedures, Didi had only resumed new user registration as of in January this year, which will generate income for the company and intensify the competition in the already crowded market once again.
China’s online car-hailing market is still worth looking at in the future. According to a report released by WAYS, the scale of China’s car-hailing market is expected to reach 434.1 billion yuan ($62.9 billion) in 2025, with the compound growth rate of about 10% from 2022 to 2025. The growth rate from 2026 to 2027 will be between 5% and 7%, and the market scale is expected to reach 487.8 billion yuan by 2027.