At today’s press conference in Beijing, Ninebot INC specializing in segway production announced it has signed an agreement with its main competitor Segway.
From now on, Segway becomes a subsidiary of Ninebot. Co-founder and CEO Ninebot Gao Lufyn, called it a “strategic partnership” and explained that: “The alliance of such famous brands provides more convenient and ecological solutions for customers and their personal transportation.”
Companies also plan to collaborate in research, production, and marketing.
Xiaomi, Sequoia Capital, and Shunwei are interested in developing innovative technologies for outdoor enthusiasts; they decided to invest about $ 80 million in Ninebot’s development of new robotics transportation.
Let us remind, that Xiaomi and Shunwei are parts of a group of companies founded by Lei Jun, one of the world’s richest investors with capital valued by Forbes at $ 13.6 billion.