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Apple invests USD 1 billion in Chinese ride-hailing service Didi Chuxing

Monday 16 May 2016 10:58 CET | News

Apple has invested USD 1 billion in Chinese ride-hailing service Didi Chuxing, a move that would help the company better understand the critical Chinese market, reports Reuters.

The tech giants rare investment gives it a stake in two burgeoning waves of technology, the sharing economy and car technology, as the iPhone business that propelled it to record profitability shows signs of maturing.

More than that, Apple is trying to reinvigorate sales in China, where it has come under greater pressure from regulators.

The move aligns Apple with Uber Technologies as automakers and technology companies forge new alliances and make cross investments.

According to Didi Chuxing this was the single largest investment it has ever received. The company, which previously raised several billion dollars, dominates the ride-sharing market in China. The company said it completes more than 11 million rides a day, with more than 87 percent of the market for private car-hailing in China.

In addition, though Didi Chuxing is valued at upwards of USD 20 billion, according to a person familiar with its ongoing funding round, the company has been losing billions in a costly battle with Uber for market share in China.


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Keywords: Apple, China, ride-hailing service, Didi Chuxing, Uber
Categories: Payments & Commerce
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Countries: World
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Payments & Commerce