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Apple Invests $1 Billion in Chinese Ride Hailing Service Didi Chuxing

Apple Invests $1 Billion in Chinese Ride Hailing Service Didi Chuxing

Posted May 13, 2016 at 2:54am by iClarified
Apple has invested $1 Billion in the Chinese ride-hailing service Didi Chuxing. Apple CEO Tim Cook says the investment will help the company "better understand" the Chinese market.

"We are making the investment for a number of strategic reasons, including a chance to learn more about certain segments of the China market," Tim Cook said. "Of course, we believe it will deliver a strong return for our invested capital over time as well."

Apple Invests $1 Billion in Chinese Ride Hailing Service Didi Chuxing



The move comes at a time where Apple is hoping to rejuvenate sales in China, where the company has recently ran into some regulatory hurdles. The investment will certainly fuel rumors of Apple entering the automobile industry.

Didi Chuxing, formerly known as Didi Kuaidi, completes more than 11 million rides a day and dominates the Chinese ride-sharing market with more than 87% market share. Apple's funding is the single largest investment Didi Chuxing has ever received.

Apple Invests $1 Billion in Chinese Ride Hailing Service Didi Chuxing


Cook said that despite this investment, Apple remains focused on the in-car experience with CarPlay.


“That is what we do today in the car business, so we will have to see what the future holds," Cook said. The deal "reflects our excitement about their growing business ... and also our continued confidence in the long term in China’s economy."

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Apple Invests $1 Billion in Chinese Ride Hailing Service Didi Chuxing
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Comments (6)
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gamerscul9870
gamerscul9870 - September 29, 2016 at 12:54pm
Look who's talking!
Samsuck
Samsuck - May 13, 2016 at 11:17pm
1 billion!!!!! Looks like the Chinese government is making apple to put the money they made from China back there.
Bill Gates
Bill Gates - May 13, 2016 at 5:01pm
Better invest in US
gamerscul9870
gamerscul9870 - May 13, 2016 at 5:12am
Remember when Trump tried to force Apple into building their computers in United States? There were reasons why it didn't happen!
Pliceless
Pliceless - May 13, 2016 at 1:29pm
Your nickname is pliceless
Great
Great - May 13, 2016 at 3:42am
How about it is also because the Chinese Govt demands Apple invest otherwise they'll get further services locked out?
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