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| Apple invests in Chinese Uber rival Didi Chuxing | Apple invests in Chinese Uber rival Didi Chuxing |
| (35 minutes later) | |
| Apple says it has invested $1bn (£693m) in Didi Chuxing, the car-hailing app which has a greater market share than US rival Uber in China. | |
| According to Apple chief executive Tim Cook, the move will help the firm to better understand the Chinese market. | According to Apple chief executive Tim Cook, the move will help the firm to better understand the Chinese market. |
| Didi Chuxing, previously known as Didi Kuaidi, said it represented the single largest investment in its history. | Didi Chuxing, previously known as Didi Kuaidi, said it represented the single largest investment in its history. |
| The firm says it provides more than 11 million rides a day, giving it 87% of the Chinese market share. | The firm says it provides more than 11 million rides a day, giving it 87% of the Chinese market share. |
| US rival Uber has been struggling to break into the Chinese market, and only in February admitted it was losing more than $1bn a year in China. | US rival Uber has been struggling to break into the Chinese market, and only in February admitted it was losing more than $1bn a year in China. |
| Strategic alliance | Strategic alliance |
| Mr Cook said he saw many opportunities for Apple and Didi Chuxing to work together in the future and pointed to the deal as a chance to learn more about the Chinese market. | Mr Cook said he saw many opportunities for Apple and Didi Chuxing to work together in the future and pointed to the deal as a chance to learn more about the Chinese market. |
| Apple's ambitions in China has recently hit roadblocks with Chinese regulators shutting down the company's online book and movie services to implement strict rules governing what can be published online. | |
| The move was widely seen as a blow to Apple which is keen to ensure its products are popular and sell well in China, because it is the second biggest market for its products. | The move was widely seen as a blow to Apple which is keen to ensure its products are popular and sell well in China, because it is the second biggest market for its products. |
| In April, Apple for the first time since 2003 saw its revenues fall and China was marked out as a particular weak spot. | In April, Apple for the first time since 2003 saw its revenues fall and China was marked out as a particular weak spot. |