Apple investing $1 billion in Chinese ride-hailing service Didi Chuxing | iLounge News

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Apple investing $1 billion in Chinese ride-hailing service Didi Chuxing

Apple has invested $1 billion in Chinese ride-sharing service Didi Chuxing, CNBC reports. In a statement regarding the move, Apple CEO Tim Cook explained that the investment was intended to “help the company better understand the critical Chinese market.” With Apple’s sales flagging in China, and the company coming under pressure from Chinese regulators who seem to be moving to a “China first” economic policy, the move could also be seen as an attempt by Apple to encourage the Chinese government to perceive Apple’s business interests in the country in a more favorable light by directly supporting the Chinese economy. Cook stressed that he remains confident in the Chinese market, and noted that the deal “reflects our excitement about their growing business ... and also our continued confidence in the long term in China’s economy.”

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