On May 13, Apple announced that it had invested US$1 billion in Didi Chuxing, a leading Chinese ride-hailing app, marking the Chinese company’s single largest investment to date.
According to Apple CEO Tim Cook, Apple aims to get a clearer idea of the Chinese market, and hopes the investment will help accomplish this goal. In mid-May, Cook made his eighth visit to China, which analysts believed was aimed at boosting Apple’s waning share in the Chinese market. Cook told media that he believes Didi Chuxing’s 300 million users and over 14 million drivers will offer Apple a good rate of return.
Didi Chuxing CEO Cheng Wei said that his company shares much of its philosophy with Apple, particularly its commitments to greener transportation and technological innovation. He predicted that intelligent transportation based on cloud computing and big data will be a promising field in the future.
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