How Apple Backing Helped China’s Taxi Aggregator Didi Chuxing To Outrun Uber in China
Apple Inc's $1 billion investment in car-hailing app Didi Chuxing in May helped accelerate Uber's decision to agree a halt to a costly two-year battle with its rival in China, people close to the companies and analysts said.
Didi Chuxing Technology Co and Uber Technologies Inc raised billions of dollars in funding and spent heavily on discounted rides as they slugged it out for drivers, passengers and market share in the world's second-biggest economy.
Uber finally ceded this week, realizing it was no match for a cash-rich rival with the backing of three of the world's largest technology giants. It agreed to give up its independence in return for a nearly one-fifth stake in a bigger Didi.
Didi raised far more money than Uber China making China the first market where Uber's strategy of...