Apple Invests bn in Chinese Ride-Hail Giant
Apple has made a $1 billion investment in China’s ride-hailing app Didi Chuxing, in a move CEO Tim Cook said would help the company “learn more” about the Chinese market. Didi Chuxing, formerly Didi Kuaidi, released a statement that the investment was its single largest since its foundation in 2012. The Beijing-headquartered firm, which was recently valued at $25bn, completes over 11m rides per day and holds 87% of China’s ride-hailing market. For Apple, whose sales in China have recently dropped, the investment is a chance to better understand the country – and to send a statement of intent. “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 told Reuters. “Of course, we believe it…
Link to Full Article: Apple Invests bn in Chinese Ride-Hail Giant
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