Apple has invested $1 billion in Chinese ride-hailing service Didi Chuxing, a move that Apple CEO Tim Cook said would help the company better understand the critical Chinese market, according to “Reuters” (http://tinyurl.com/gm23k6u). He said in an interview that he saw opportunities for Apple and Didi Chuxing to collaborate in the future.
“We are making the investment for a number of strategic reasons, including a chance to learn more about certain segments of the China market,” Cook told “Reuters.” “Of course, we believe it will deliver a strong return for our invested capital over time as well.”
Didi Chuxing, formerly known as Didi Kuaidi, said in a statement that this was the single largest investment it has ever received. The company, which previously raised several billion dollars, dominates the ride-sharing market in China. The company said it completes more than 11 million rides a day, with more than 87% of the market for private car-hailing in China.