PHH, a mortgage and vehicle leasing company, terminated a merger agreement it had reached with General Electric in March that depended on Blackstone Group buying its mortgage business.

ECONOMIST: Business this week

It has risen fairly rapidly since then as details of the Hangzhou deal come out, and also as a result of a much bigger deal in Shandong province announced in late July, as well as prospects for a 100, 000 vehicle EV Hangzhou rental program in addition to the 20, 000 vehicle leasing program discussed above.

FORBES: Connect

One reason for Renault's leasing model is to allow vehicle owners to upgrade their batteries as and when the technology improves.

ECONOMIST: Renault's electric-car gamble