Bitauto raises $1B from China peers

|By:, SA News Editor

Bitauto (BITA +3.7%) has new fodder for building out its car financing platform, with a fresh $1B raised from Tencent (TCEHY +3.4%), Baidu (BIDU +0.9%) and (JD +1.8%).

The company has the largest car-finance platform in China, where consumers traditionally avoid car loans. Deloitte expects 50% of cars to be bought on credit in China by 2020 (vs. about 80% in the U.S. today).

Bitauto is up 33.5% YTD.