APPLE BUYS UBER RIVAL IN CHINA
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.