Apple invests in Chinese ride-sharing company

Apple has invested US$1 billion in Chinese ride-hailing service DiDi Chuxing, a move that Apple chief executive Tim Cook said would help the company better understand the critical Chinese market. According to Reuters, the move aligns Apple with Uber Technologies’ chief rival in China, as automakers and technology companies forge new alliances and make cross investments. General Motors, for example, recently bought autonomous driving technology company Cruise Automation and has also taken a stake in US ri
May 17, 2016 Read time: 2 mins
493 Apple has invested US$1 billion in Chinese ride-hailing service DiDi Chuxing, a move that Apple chief executive Tim Cook said would help the company better understand the critical Chinese market.

According to Reuters, the move aligns Apple with 8336 Uber Technologies’ chief rival in China, as automakers and technology companies forge new alliances and make cross investments. 948 General Motors, for example, recently bought autonomous driving technology company Cruise Automation and has also taken a stake in US ride-sharing company Lyft.

“We are making the investment for a number of strategic reasons, including a chance to learn more about certain segments of the China market,” Cook said in an interview with Reuters. “Of course, we believe it will deliver a strong return for our invested capital over time as well.”

The investment makes Apple a strategic investor in DiDi and gives it a stake in two growing technologies, the sharing economy and car technology.

For more information on companies in this article

Related Content

  • Autonomous vehicles a double-edged sword?
    June 4, 2015
    Welcome to our 20th Anniversary special edition. Over the past two decades ITS International has reported the trials and tribulations of ITS as it has progressively reduced congestion, emissions and journey times and improved road safety. Indeed many believe the sector is currently ‘living the dream’.
    Read More
  • Future mobility trends on display at ITS America annual meeting
    May 15, 2015
    From point-to-point car-sharing to tech-enabled shuttles and other new forms of “micro-transit,” there is no shortage of innovation happening in today’s transportation industry. At the ITS 2015 Annual Meeting & Expo, the Shared-Use Mobility Centre (SUMC) will be coordinating a can’t-miss session featuring four leaders who are driving advancements in shared mobility - Kaye Ceille, President, Zipcar; Joseph Kopser, CEO/Founder, RideScout; Ryan Rzepecki, CEO/Founder, Social Bicycles; and Jennifer Krusius, Pitt
    Read More
  • The bottom line - US surface transportation system needs major investment
    December 12, 2014
    The 2015 Bottom Line Report on transportation investment needs, released by the American Association of State Highway and Transportation Officials and the American Public Transportation Association, estimates that to meet current demand it will require an annual capital investment over six years by all levels of government in the amount of $120 billion in the nation’s highway and bridge network and US$43 billion in America’s public transportation infrastructure. To meet the combined surface transportation
    Read More
  • Coalition urges White House to reject plan for open spectrum
    May 6, 2016
    A coalition of over fifty 50 automakers, state transportation agencies and other groups has written to the White House and other federal policymakers urging them not to open a portion of the wireless spectrum reserved for connected vehicles in the near future, says Reuters. The letter was signed by major auto trade groups representing nearly the entire auto industry, including Toyota Motor Corp, Ford Motor Co, General Motors Co, Volkswagen AG and Honda. It came after a cable industry trade group and some te
    Read More

Highlighted Content