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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. Apple has invested $1bn (£693m) in Didi Chuxing, the car-hailing app that 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. 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 says it provides more than 11 million rides a day, giving it 87% of the Chinese market share. The firm said it provided more than 11 million rides a day and claimed to have 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. The company is also backed by Chinese internet giants Tencent and Alibaba.
Strategic alliance US rival Uber has been struggling to break into the Chinese market despite having won Chinese search engine Baidu as an investor.
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. 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. 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. Apple reported in April that its revenues fell for the first time since 2003 with China marked out as a particular weak spot.