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
According to Reuters, the move aligns Apple with
“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.
