AP­PLE BUYS UBER RI­VAL IN CHINA

Qatar Today - - AFFAIRS -

Ap­ple has in­vested $1 bil­lion in Didi Chux­ing, China’s ver­sion of Uber, ahead of a high-pro­file visit to the coun­try by CEO Tim Cook.

Cook told Reuters that the in­vest­ment would cre­ate op­por­tu­ni­ties to part­ner with Didi – fu­elling spec­u­la­tion that Ap­ple is mak­ing a strate­gic in­vest­ment that com­ple­ments its own plans for a new elec­tric car. Didi Chux­ing dom­i­nates the coun­try's pri­vate ride-hail­ing mar­ket, and claims to have 300 mil­lion users in 400 cities across China who take 11 mil­lion rides ev­ery day. Didi Chux­ing also claims it ac­counts for 87% of China's ride-hail­ing mar­ket, in which US-based Uber is try­ing to break through. Cook ac­knowl­edged Ap­ple's elec­tric car project, de­scribed by Tesla CEO Elon Musk as “an open se­cret”, which has in­cluded hir­ing spe­cial­ist en­gi­neers and de­sign­ers from com­pa­nies in­clud­ing Tesla, Ford and GM, and pub­lic doc­u­men­ta­tion that has shown Ap­ple's search for test­ing lo­ca­tions.

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