Uber Rival Bolt, China’s Dongfeng Reach South Africa EV Deal

Bolt Technology OU agreed a deal with China’s Dongfeng Motor Group Co. to roll out an electric-vehicle fleet in South Africa that Yugo Rides will manage.

The Sequoia Capital-backed ride-hailing firm already holds more than 50% of the market in Africa’s biggest economy after spending about $180 million to build out the business, said Simo Kalajdzic, the manager of local operations.