Apple has invested $1 billion into Uber’s China rival

Didi Chuxing gets 1 billion dollar Apple investment

Uber’s Chinese rival, Didi Chuxing, has just received a $1 billion investment from Apple.

The $1 billion investment makes Apple a big strategic investor in Didi. Other investors include Chinese tech giants Tencent and Alibaba.

Didi and China have been engaged for more than a year in a multi-billion dollar battle to capture the massive Chinese market for ride-sharing services.

“The endorsement from Apple is an enormous encouragement and inspiration for our four-year-old company,” said founder and CEO Cheng Wei.

Didi has the upper-hand over Uber at this time thanks to its early entry into the market in China. The company offers buses booking, private cars, taxi-hailing, ride-sharing, and even a test drive option, where customers can take high-end cars out for a drive.

Didi recently announced that it has expanded into 400 cities and picks up 11 million passengers each day.
The Chinese company owns 87% of the private car market and 99% of the taxi-hailing sector.

“We are extremely impressed by the business they’ve built and their excellent leadership team, and we look forward to supporting them as they grow,” said Apple CEO Tim Cook.

Didi President Jean Liu said the deal happened with “lightning speed” after meetings between the two sides in California in late April.

Didi was valued at more than $20 billion before the Apple investment was announced.