Apple invests $1bn in China’s Uber rival Didi Chuxing

Apple Inc yesterday announced that it had invested $1bn in China’s online transportation network company Didi Chuxing, in a move that aligns it with Uber Technologies Inc’s chief rival in China. “We are making the investment for a number of strategic reasons, including a chance to learn more about certain segments of the Chinese market,” said Apple Chief Executive Tim Cook. “Of course, we believe it will deliver a strong return for our invested capital over time as well.”  Formerly known as Didi Kuaidi, Didi Chuxing claims to complete more than 11 million rides a day, and to command 87% China’s private car-hailing market.

Source: reuters