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Apple invests $1 billion in Chinese ride-hailing company
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In this Thursday, Oct. 15, 2015 photo, a taxi driver waits at a newly-installed Didi Station, a road-side stop for taxis booked by the Chinese car-hailing app Didi Kuaidi, which has since changed its name to Didi Chuxing, in Shanghai. Didi Chuxing announced Friday, May 13, 2016, that Apple has invested $1 billion in the company and will become a strategic investor alongside Chinese e-commerce giant Alibaba Group and Tencent Holdings Ltd., an online games and entertainment service. (Chinatopix via AP/-)
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pple Inc. has invested $1 billion in Chinese ride-hailing service Didi Chuxing, the main competitor in China for Uber Technologies Ltd.
Apple will become a strategic investor alongside Chinese e-commerce giant Alibaba Group and Tencent Holdings Ltd., an online games and entertainment service, Didi Chuxing announced Friday.
China's ride-hailing industry has grown rapidly, with competitors spending heavily to subsidize rides to capture market share.
The latest deal reflects Apple's increased emphasis on services as growth in its iPhone business slows, said Jack Kent of IHS Technology in a report.
(Read also: Apple's latest product event isn't causing a big stir)
"The investment in Didi highlights the strategic importance of China and the services segment for Apple's future strategy," Kent said. "It could help Apple gain greater insight into the behavior of users beyond its own ecosystem."
Didi Chuxing, previously Didi Kuaidi, operates in 400 Chinese cities.
In September, the company and Lyft of the United States agreed to link their services to allow travelers to use them in each other's markets. In December, their alliance added India's Ola and Southeast Asia's GrabTaxi.
Click here for other news related to Apple.
