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ExxonMobil, Tencent and Automotive Aftersales Market Partner to Build Digital Automotive Maintenance Ecosystem in China

January 21, 2020 GMT

HOUSTON & SHANGHAI--(BUSINESS WIRE)--Jan 21, 2020--

ExxonMobil, Tencent, Tuhu and a distribution holding company have agreed to form a joint venture to establish an integrated ‘supply to business to consumers’ car care network. The joint venture will grow the Mobil-branded car care network in China and leverage the strength of all partners to provide a high-quality, branded, and digitally-enabled comprehensive car maintenance experience.

ExxonMobil is committed to providing superior lubricant solutions to customers around the world. Mobil™ offers a range of automotive manufacturer-approved passenger vehicle lubricants, fluids and car care products, including Mobil 1™ the world’s leading synthetic motor oil brand, the Mobil Super™ family of premium motor oils, and other lubricants and fluids for everyday driving through a very stable and strong distributor network and extensive retail business network.

Expected to launch in the spring of 2020, the joint venture will create a digital automotive maintenance ecosystem that integrates suppliers and customers of Mobil-branded lubricants and other vehicle maintenance products and services. This will enable participating vehicle maintenance retail stores to provide consumers with convenient, high-quality and reliable services and quality Mobil products at ten thousands of Mobil branded car care outlets and joint venture-certified partner stores. This joint venture will expand and high-grade the existing network of Mobil 1 Car Care Outlets and significantly strengthen the offer for the Chinese car owner.

“ExxonMobil continually strives to meet the growing demand for high-quality products and services in China,” said Song-Ping Teoh, ExxonMobil’s director for North Asia Pacific lubricants. “Along with our partners’ digital and technology expertise, this joint venture will leverage ExxonMobil’s innovative products and technologies, long history in the lubricant business and large network of local partners to provide customers in China with unmatched product and service quality.”

Tencent states that it has been optimistic about the long-term growth potential of the automotive aftermarket. Tencent is committed to harnessing the advantages of online traffic, technology and ecosystem, and to making full use of new technology for industrial applications, including implementing channel digitalization through the joint venture with ExxonMobil and Tuhu. In the process of continuous exploration of the industrial internet, Tencent hopes to provide consumers with brand new experiences, and enterprises with digital solutions.

The joint venture is estimated to contribute to the supply chain of the automotive after-sales market in both job creation and economic benefits.

About ExxonMobil

ExxonMobil, the globally renowned international oil and gas company, uses technology and innovation to help meet the world’s growing energy needs. ExxonMobil holds an industry-leading inventory of resources, is one of the largest refiners and marketers of petroleum products, and its chemical company is one of the largest in the world. For more information, visit www.exxonmobil.com or follow us on Twitter at www.twitter.com/exxonmobil.

About Tencent

Tencent uses technology to enrich the lives of Internet users. Our communications and social platforms, Weixin and QQ, connect users with each other and with digital content and services, both online and offline, making their lives more convenient. Our targeted advertising platform helps advertisers reach out to hundreds of millions of consumers in China. Our FinTech and business services support our partners’ business growth and assist their digital upgrade. Tencent invests heavily in talent and technological innovation, actively promoting the development of the Internet industry. Tencent was founded in Shenzhen, China, in 1998. Shares of Tencent (00700.HK) were listed on the Main Board of the Stock Exchange of Hong Kong in 2004.

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KEYWORD: CHINA UNITED STATES NORTH AMERICA ASIA PACIFIC TEXAS

INDUSTRY KEYWORD: OIL/GAS SOCIAL MEDIA CHEMICALS/PLASTICS ENERGY MANUFACTURING TECHNOLOGY FINANCE MARKETING ADVERTISING COMMUNICATIONS PROFESSIONAL SERVICES GENERAL AUTOMOTIVE OTHER TECHNOLOGY AFTERMARKET AUTOMOTIVE INTERNET

SOURCE: ExxonMobil

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PUB: 01/21/2020 09:30 AM/DISC: 01/21/2020 09:30 AM

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