Apple invests $1bn in Chinese Uber rivalMay 13, 2016 - 13:22 AMT PanARMENIAN.Net - Apple has invested $1bn in Didi Chuxing, the car-hailing app that has a greater market share than U.S. rival Uber in China, BBC News reports. Tim Cook, chief executive, said that the move would help Apple to better understand the Chinese market. Didi Chuxing, previously known as Didi Kuaidi, said it represented the single largest investment in its history. The firm said it provided more than 11 million rides a day and claimed to have 87% of the Chinese market share. The company is also backed by Chinese internet giants Tencent and Alibaba. U.S. rival Uber has been struggling to break into the Chinese market despite having won Chinese search engine Baidu as an investor. In February Uber admitted it was losing more than $1bn a year in China, spending huge sums to subsidise discounted rides. Photo: Uber Related links: Top stories Yerevan will host the 2024 edition of the World Congress On Information Technology (WCIT). Rustam Badasyan said due to the lack of such regulation, the state budget is deprived of VAT revenues. Krisp’s smart noise suppression tech silences ambient sounds and isolates your voice for calls. Gurgen Khachatryan claimed that the "illegalities have been taking place in 2020." Partner news Most popular in the section | About 32,000 rally in Yerevan to deman Pashinyan’s resignation About 31,700 people attended an opposition rally on Thursday, May 9 in Yerevan demanding the resignation of Prime Minister Nikol Pashinyan. Armenian, Azerbaijani Foreign Minister to meet in Almaty Armenian Foreign Minister Ararat Mirzoyan and his Azerbaijani counterpart Jeyhun Bayramov will meet in Almaty. Viva-MTS: Tech solutions to modernize infrastructure of border village The border village has been the focus of Viva-MTS and the Foundation for the Preservation of Wildlife and Cultural Values since 2015. “By Your Side”: IDBank's new support program for displaced Artsakh citizens IDBank is launching a long-term social support program for forcibly displaced Artsakh residents. |