Uber eyes US$1.1b investment in China
Print Edition
TAXI hailing app Uber plans to invest 7 billion yuan (US$1.1 billion) in China, the Financial Times reported on its website, citing a company e-mail.
The newspaper said it obtained the message sent to Uber investors this week by its CEO Travis Kalanick.
The FT posted a copy of the e-mail file in a hyperlink within the article.
“Given our recent success in the region and substantial market share gains, we are planning to invest over 7 billion RMB in China in 2015 alone,” the e-mail said.
Uber riders were making almost 1 million trips per day with business doubling in the last month, the email added.
It also said that Uber is operating in 11 cities in China, and over the next year plans to begin operations in 50 of the more than 80 Chinese cities that have populations of above 5 million people.
Uber launched operations in China in February last year. The company in China refused to comment.
“We don’t comment on this article/topic,” Huang Xue, an Uber media official in China, told AFP in an e-mail.
The US-based firm helps put customers in touch with private drivers as an alternative to traditional taxis.
It has become the focus of global controversy and is facing legal challenges and limits on its activities.
Taxi firms claim Uber drivers should be regulated in the same way as normal cabs and are leading the campaign against the service.
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