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Michelin Group invests in Chinese valet parking service e-Dai Bo

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 that provides valet parking services via a digital platform throughout China.

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

“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,” shares e Dai Bo chief executive officer Lv Ye.”

As part of its service offer, e Dai Bo has chosen Michelin’s TyrePlus retail chain as its car care service provider. At present some 1,400 TyrePlus outlets operate in China, and this number is set to rise; Michelin hopes the valet parking service’s partnership will bring additional traffic into its TyrePlus centres.

Commenting on the investment, Philippe Barreaud, the head of Michelin’s Innovation Incubator organisation 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.”