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Apple invests in Chinese Uber rival Didi Chuxing | Apple invests in Chinese Uber rival Didi Chuxing |
(35 minutes later) | |
Apple has invested $1bn (£693m) in Didi Chuxing, the car-hailing app that has a greater market share than US rival Uber in China. | |
Tim Cook, chief executive, said that the move would help Apple 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 said it provided more than 11 million rides a day and claimed to have 87% of the Chinese market share. | |
The company is also backed by Chinese internet giants Tencent and Alibaba. | |
US rival Uber has been struggling to break into the Chinese market despite having won Chinese search engine Baidu as an investor. | |
In February Uber admitted it was losing more than $1bn a year in China, spending huge sums to subsidise discounted rides. | |
Mr Cook said he saw many opportunities for Apple and Didi Chuxing to collaborate in the future. | |
He also stressed the deal was a chance to learn more about China as Apple's second-biggest 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. | 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. | |
Apple reported in April that its revenues fell for the first time since 2003 with China marked out as a particular weak spot. |