5 Things to Know About Didi Chuxing, the Uber Rival Apple Just Invested In
Meet Uber’s biggest competition in China In a rare move, Apple has invested $1 billion in popular Chinese ride sharing service Didi Chuxing. The investment gives Apple an opportunity to learn more about its second-largest market, CEO Tim Cook said. “We are making the investment for a number of strategic reasons, including a chance to learn more about certain segments of the China market,” Cook said in an interview with Reuters. “Of course, we believe it will deliver a strong return for our invested capital over time as well.” The move also comes after billionaire investor Carl Icahn sold his position in Apple, largely due to the company’s lagging performance in the region. In its most recent earnings report, the Cupertino, Calif.-based company revealed its revenue in China fell by…
Link to Full Article: 5 Things to Know About Didi Chuxing, the Uber Rival Apple Just Invested In
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