Apple puts US$1b into Didi’s hire services
Print Edition
APPLE is investing US$1 billion in Didi Chuxing, joining Internet giants Tencent and Alibaba in taking a strategic stake in the company which provides vehicles and taxis for hire in China via smartphone applications.
“Didi exemplifies the innovation taking place in the iOS developer community in China,” Apple CEO Tim Cook said in a statement.
“We are extremely impressed by the business they’ve built and their excellent leadership team, and we look forward to supporting them as they grow.”
In a conference call yesterday, Didi President Jean Liu said the deal came after the company’s executive team visited Cook at Apple headquarters in Cupertino on April 20. The investment closed “like lightning” only a few weeks later, she said.
“We are very confident we will benefit each other on product, on technology and on many other levels,” she added.
Jean Liu is the daughter of Liu Chuanzhi, founder of Chinese computer maker Lenovo Group Ltd.
Earlier this month, Bloomberg said Didi Chuxing, formerly known as Didi Kuaidi, was in the process of raising more than US$2 billion, valuing the company at around US$25 billion.
In an interview with Reuters, Cook said the investment was a way to grow its presence in China and to learn more about certain segments of the Chinese market.
He added: “Of course, we believe it will deliver a strong return for our invested capital over time as well.”
Investors are eagerly watching to see whether Apple will enter the automotive business. Apple has hired a wide range of automotive experts, and the company is exploring building a self-driving car, sources have told Reuters.
Cook said Apple remained focused on the in-car experience with its CarPlay system, which links smartphones to vehicle infotainment systems.
“That is what we do today in the car business, so we will have to see what the future holds,” he told Reuters.
Last month, Didi teamed up with US ride hailing company Lyft as a major step in its overseas expansion.
Didi customers can now order Lyft cars through the Didi app when they visit the United States on holiday.
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