Mobike plans to cooperate with an automobile company in Guizhou province to venture into automotive field. [Photo/www.news.cn]

Chinese bike-sharing giant Mobike Technology Co Ltd signed an agreement with Southwest China's Guizhou province to cooperate in producing electric automobile and sharing automobile.

The signing agreement for new energy industrial projects was held in Gui'an New Area, a national demonstration area of inland opening-up economy located between Guiyang and Anshun in Guizhou, on Nov 3.

The signing agreement for new energy industrial projects is held in Gui'an New Area on Nov 3. [Photo/news.qx162.com]

At the ceremony, Mobike agreed to cooperate with the Guizhou-based SINTECH Automobile Industry Co Ltd to launch a new automobile-sharing brand called "Mocar" and the corresponding car-sharing platform.

The two companies will also plan to join hand with Gui'an New Area Development and Investment Co Ltd to set up an investment fund of 10 billion yuan ($1.5 billion) to promote car-sharing business.

The cooperation means that Mobike moves further into automotive field. Gui'an New Area will also have a new project featuring car-sharing sector to further develop its new energy industry.

"It was a regret that Guizhou missed the key period to develop traditional automobile vehicles," Zong Wen, deputy Party secretary of Gui'an New Area says. "Now the new energy vehicles offer an opportunity to boost the automobile industry."