“Apple Inc. is investing $1 billion in Chinese ride-sharing service Didi Chuxing, which dominates Uber Technologies Inc. in the world’s biggest market,” Lulu Yilun Chen reports for Bloomberg.
“The Beijing-based company’s chief executive officer is Cheng Wei, a former employee of Alibaba. He recruited Jean Liu from Goldman Sachs Group Inc. to be chief operating officer of Didi Dache in 2014, and she was named president in February 2015,” Chen reports. “In addition to Apple, its investors include DST, Tiger Global Management, SoftBank Group Corp. and Temasek Holdings Pte.”
“The app completes more than 11 million rides a day — or 127 rides a second — and is the second-biggest platform for online transactions in China after Alibaba’s Taobao shopping mall,” Chen reports. “Didi said it has 99 percent of the market for taxi-hailing apps and 87 percent of the private car-hailing services. It works with 14 million registered drivers in more than 400 cities, and it broke even in about half of those locations.”
Much more in the full article here.
MacDailyNews Take: Yeah, yeah. It’s China’s Uber. Now, about those movie and book sales in China… 😉
SEE ALSO:
Apple invests $1 billion in Chinese ride-hailing service Didi Chuxing – May 12, 2016
Que the return of Apple movie and book sales in 3…2….1…….
Follow the money…….What person(s) and/or China Government entities have investments in Didi??? There is where the answer is…
Self driving iCars hailed by Didi.
Hmm – you may be onto something dude.
yeah, you may well be right on that one, though i imagine it will take several years to see if it actually pans out.
still and all, as someone born on the leading edge of the boomer generation we have seen a few things play out in the business world that gen x and the millenials haven’t.
we remember, and witnessed, the business rage of the 60’s 70’s and even the ’80’s for corporations to “diversify” by investing in and buying companies that were not squarely within in their home core business competencies.
over time, for the most part, it didn’t really work out all that well and we subsequently watched the next business rage of “consolidation” play out as they exited all of those diversified investments and returned to their core competencies.
so despite the possible and plausible tie ins with apple cars as you suggest, i am concerned that mr apple may be starting down a previously travelled road that largely led nowhere much good. and doing so in a country whose business and governing practices are way more suspect and corrupt than here in the states – and that is saying quite a bit.
so, as a share holder i will watch and wait and hope for the best, but not without trepidation.