In a bombshell announcement, Apple revealed a $1 billion investment in Didi Chuxing, China’s top ride hailing app. The company is often described by the U.S. media as the Chinese rival of Uber. They have claimed a fulfillment of one billion rides in the previous year, holding 87% of China’s private ride-hailing market.
Apple CEO Tim Cook revealed in an interview that the company is “making the investment for a number of strategic reasons, including a chance to learn more about certain segments of the Chinese market. Of course, we believe it will deliver a strong return for our invested capital as well.”
The move not only allows the company to grab a foothold in the Chinese tech market reaching beyond iPhones, but it also provides new platform for other tech.
