Apple backing helped Didi outrun Uber

By Reuters ( China Daily ) Updated: 2016-08-05 08:02:48

Apple Inc's $1 billion investment in car-hailing app Didi Chuxing in May helped accelerate Uber Technologies Inc's decision to agree to a halt to a costly two-year battle with its rival in China, people close to the companies said.

Didi Chuxing Technology Co and Uber raised billions of dollars in funding and spent heavily on discounted rides.

Uber finally conceded this week, realizing it was no match for a cash-rich rival with the backing of three of the world's largest technology giants. It agreed to give up its independence in return for a nearly one-fifth stake in a bigger Didi.

Apple backing helped Didi outrun Uber

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