Apple seems to be smitten by ride-sharing services and it has jumped the wagon in China by investing $1 billion into Didi Chuxing which is China’s Uber.
But according to a interview with Reuters, Apple CEO Tim Cook said that this move was to help Apple better understand the Chinese market.
“We are making the investment for a number of strategic reasons, including a chance to learn more about certain segments of the China market,” he said. “Of course, we believe it will deliver a strong return for our invested capital over time as well.”
This is Didi Chuxing’s biggest ever investment. According to Didi they facilitate more than 11 million rides per day.
The Chinese internet market has been elusive for the western world due to the language barrier but it has allowed home-grown companies to flourish and keep the western competition pretty much clueless. This is pretty frustrating for the west because of the massive market potential that China holds, looks like Apple is making efforts to make head ways into the Chinese market by partnering rather then going solo.