After Apple investment, Didi Chuxing buys out Uber in China | iLounge News


After Apple investment, Didi Chuxing buys out Uber in China

After Apple’s $1 billion investment in May, Chinese ride-sharing service Didi Chuxing has announced plans to buy Uber’s operations in China, Bloomberg reports. The deal will see Didi absorb Uber’s brand, business operations and stored data in the country, with Uber receiving a 20-percent stake in the combined company. Didi founder Cheng Wei and Uber CEO Travis Kalanick will also join each other’s boards.

The move ends a costly fight that saw Uber lose more than $2 billion, prodding investors to push for a sale to Didi. The deal is still subject to government approval, but if Didi succeeds in absorbing its largest rival, the company will be China’s undisputed leader in car-hailing services. The company’s partnership with Apple could also give both companies the ability to test cutting-edge technology, with a report last week indicating that Apple has shifted its automotive efforts to emphasize the creation of an autonomous driving system.


Related Stories

Subscribe to iLounge Weekly

Sign up for the iLounge Weekly Newsletter

iLounge is an independent resource for all things iPod, iPhone, iPad, and beyond.
iPod, iPhone, iPad, iTunes, Apple TV, Mac, and the Apple logo are trademarks of Apple Inc.
iLounge is © 2001 - 2018 iLounge, Inc. All Rights Reserved. Terms of Use | Privacy Policy