Apple invests $1bn in Didi Chuxing
Technology and smartphone giant Apple has invested $1bn in the Chinese ride-hailing app, Didi Chuxing (DiDi). Apple’s move – which is the largest investment DiDi has ever received – means that it joins Tencent and Alibaba as a backer of the Chinese transport platform.
In an official statement issued yesterday (12 May), Cheng Wei, founder and CEO of DiDi, said: “The endorsement from Apple is an enormous encouragement and inspiration for our four-year-old company. DiDi will work hard with our drivers, riders and global partners, to make available to every citizen flexible and reliable mobility choices, and help cities solve transportation, environmental and employment challenges.”
Tim Cook, Apple’s CEO, commented: “DiDi exemplifies the innovation taking place in the iOS developer community in China.
“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.”
DiDi claims that it currently completes over 11 million rides a day on its platform, serving close to 300 million users across over 400 Chinese cities. DiDi also says that it works with over 14m Chinese car-owners and drivers, holding over 87% market share in China’s private car-hailing and over 99% market share in taxi-hailing.
The company is often described as “the Chinese Uber” – and there is speculation that DiDi, like Uber, will look to raise more revenue from the delivery market.
