Apple invests $1 billion in Chinese ride-hailing company

BEIJING (AP) — Apple Inc. has invested $1 billion in Chinese ride-hailing service Didi Chuxing, which is in intense competition with Uber Technologies Ltd. for users. Didi Chuxing said Friday that Apple will become a strategic investor alongside Chinese e-commerce giant Alibaba Group and Tencent...

BEIJING (AP) — Apple Inc. has invested $1 billion in Chinese ride-hailing service Didi Chuxing, which is in intense competition with Uber Technologies Ltd. for users.

Didi Chuxing said Friday that Apple will become a strategic investor alongside Chinese e-commerce giant Alibaba Group and Tencent Holdings Ltd., an online games and entertainment service.

China's ride-hailing industry has grown rapidly, with competitors spending heavily to subsidize rides to capture market share.

Didi Chuxing, previously Didi Kuaidi, operates in some 400 Chinese cities.

In September, the company and Lyft of the United States agreed to link their services to allow travelers to use them in each other's markets. In December, their alliance added India's Ola and Southeast Asia's GrabTaxi.

More in Home