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

  • Mcity test centre for connected and driverless vehicles now open
    July 21, 2015
    The University of Michigan has opened Mcity, the world's first controlled environment specifically designed to test the potential of connected and automated vehicle technologies that will lead the way to mass-market driverless cars. Mcity was designed and developed by U-M's interdisciplinary MTC, in partnership with the Michigan Department of Transportation (MDOT). The 32-acre simulated urban and suburban environment includes a network of roads with intersections, traffic signs and signals, streetligh
    Read More
  • Valuing ITS
    February 6, 2012
    Politicians, policy- and decision-makers need no-nonsense, non-technical answers on which to base investments in ITS. The International Benefits, Evaluation and Costs (IBEC) Working Group can provide them, says its Chair, Richard Harris
    Read More
  • Valuing ITS
    February 2, 2012
    Politicians, policy- and decision-makers need no-nonsense, non-technical answers on which to base investments in ITS. The International Benefits, Evaluation and Costs (IBEC) Working Group can provide them, says its Chair, Richard Harris
    Read More
  • ITS America applauds V2I infrastructure Act
    June 5, 2015
    Regina Hopper, president and CEO of ITS America, has responded to the introduction of the Vehicle-to-Infrastructure Safety Technology Investment Flexibility Act of 2015 by US Senators Gary Peters and Roy Blunt. The Vehicle-to-Infrastructure Safety Technology Investment Flexibility Act of 2015 authorizes states to use existing surface and highway transportation funding provided by the National Highway Performance Program, the Surface Transportation Program and the Highway Safety Improvement Program to in
    Read More

Highlighted Content