Apple - investing $1 bn in Uber’s rival in China
Apple has invested $1 billion in Didi Chuxing, Uber’s biggest car-hailing competition in the crucial China market, the companies announced on Thursday evening.
Didi Chuxing controls around 90% of the Chinese market for car-hailing services.
Didi Chuxing was attempting to raise funding at a valuation of $25 billion USD, the Wall Street Journal reported in April.
It has partnered up with services like Lyft, Uber’s biggest domestic rival, to form a global “Anti-Uber Alliance.”
With this round, Apple joins the ranks of Didi Chuxing (formerly Didi Kuaidi), investors, including Tencent and Alibaba, trying to stem off Uber’s rapid global growth.
For Apple’s part, this might hint at the Cupertino-based companies long-rumored plans to get into the automotive business: Uber is investing heavily in self-driving car technology, and this investment might be a way for Apple to head it off at the pass.
First appeared on Business Insider