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.

Related Content

  • October 24, 2018
    Ford AVs on streets of Washington, DC
    Ford is to be the first company to test autonomous vehicles (AVs) in Washington, DC – with a view to starting a commercial service there in 2021. The car company – which already has AV trials in Detroit, Pittsburgh and Miami - will begin testing in the US capital early next year. An operations centre will be set up in the city and Sherif Marakby, CEO of Ford Autonomous Vehicles, says fleet deployment will be done in a way that aids job creation. The company plans to work with local officials to tes
    Read More
  • October 11, 2012
    CBI calls for new approach to road funding
    The Confederation of British Industry (CBI) calls for road charging should be introduced on the strategic road network in England. Proposals in the report, Bold Thinking: A model to fund our future roads also suggest that responsibility for the network’s budget should be taken away from the Department for Transport (DfT) and given to an independent regulator. Launching the report, CBI director-general John Cridland said a regulatory asset base (RAB) model was required to address the problem of long-term fu
    Read More
  • January 18, 2021
    Magway delivers future of transport
    A dramatic shift towards e-commerce and home working, plus the need for sustainable deliveries, means future cities are at a crossroads, says Phill Davies of Magway
    Read More
  • May 11, 2017
    EU court rules Uber must be regarded as a transport company
    A ruling by an representative of the Court of Justice of the European Union has dealt a potential blow to ride-hailing company Uber, saying it is not merely a digital enabler but provides a transport service, which means it must be licensed in order to operate.
    Read More

Highlighted Content