AfterDawn: News

Apple invests a billion dollars on Uber competitor

Apple has been revealed to have invested a small chunk of its $130 billion bankroll on a transportation company that is one of the main rivals of Uber. Didi Chuxing is essentially the Chinese version of Uber, and it provides transportation to 11 million people daily.

Didi Chuxing (formerly Didi Kuaidi) was looking for a billion dollars worth of investment and had to look no further than Apple. The smartphone based transportation service offers cab rides, personal drivers, and premium cars in what is one of the fastest growing market for apps and technology.



Founded in 2012, the company has already gathered a few billions of investments but Apple's latest addition is the largest single investment. Apple CEO Tim Cook said that the investment is strategic and helps them understand "the critical Chinese market."

Apple is said to be developing an electric car, which seems to be the obvious reason for a such a huge investment. Also the pressure from Chinese regulators has increased on Apple, says Reuters. The investment will possibly aid both situations.

Written by: Matti Robinson @ 13 May 2016 8:18

• Previous article

• Instagram gets a complete overhaul, renewed logo

• Next article

• Google readying the release of a standalone VR device

• 7 comments

• hearme0

  I don't think Apple should do sh*t for China.
  
  That dishonest, thieving and overpopulated nation should get NOTHING EVER from the US.
  
  In fact, I'm surprised that the my country hasn't banned operations and exports to China.
  
  
  1.4 billion people and counting. They are unregulated, unchecked and out of control as a whole. Their left hand has no idea what the right hand is doing and therefore any little Chinese splinter groups can do what they want outside of any regulation.

  13.5.2016 11:53 #1

• ddp

  you are an idiot for saying that.
  

  13.5.2016 13:48 #2

• Mrguss

  China is the #1 producer of new billionaires.
  I like to see China as Capitalist, that as enemy.
  

  Live Free or Die.
  The rule above all the rules is: Survive !
  Capitalism: Funnel most of the $$$ to the already rich.

  13.5.2016 17:14 #3

• dude845

  Originally posted by ddp: you are an idiot for saying that. +1
  

  13.5.2016 18:14 #4

• matthuisman

  Originally posted by ddp: you are an idiot for saying that. +10
  
  Look where Democracy got the US.
  

  14.5.2016 04:59 #5

• DarthMopar

  Originally posted by ddp: you are an idiot for saying that. +15
  

  14.5.2016 21:15 #6

• ilikefree

  Originally posted by hearme0: I don't think Apple should do sh*t for China.
  
  That dishonest, thieving and overpopulated nation should get NOTHING EVER from the US.
  
  In fact, I'm surprised that the my country hasn't banned operations and exports to China.
  
  
  1.4 billion people and counting. They are unregulated, unchecked and out of control as a whole. Their left hand has no idea what the right hand is doing and therefore any little Chinese splinter groups can do what they want outside of any regulation.
  
  
  If China called in all the debt owed to it USA would be in big trouble, you could say China owns USA
  

  shit doesnt just happen theres always an arsehole involved

  19.5.2016 02:30 #7