Apple invests $1B in China’s ride-hailing company Didi
Apple has invested $1 billion in China's largest ride-hailing company, Didi Chuxing, in a move that could give it an opportunity to participate in the local company's bid to build a data-driven ride-share platform.
Didi, which is already backed by big local players like Tencent and Alibaba, said it has raised the Apple investment as a part of its latest funding round. The investment by Apple is the largest single investment Didi has ever received, it added.
Apple has been indicating that such an investment was coming for some time now, said Patrick Moorhead, president and principal analyst at Moor Insights & Strategy. The company has already said that it plans to increase its services revenue and that the Chinese market is a key component of its overall strategy going forward, Moorhead said.
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