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Apple-Backed Didi Chuxing to Purchase Uber's Ride-Hailing Operations in China
The valuation of the combined ride-hailing company is $35 billion, the people said. Investors in Uber China, an entity owned by San Francisco-based Uber, Baidu Inc. and others, will receive a 20 percent stake in the combined company, the people said. Uber will continue to operate its own app in China for now.As noted in a forthcoming blog post by Uber CEO Travis Kalanick that was obtained by Bloomberg, neither Uber nor Didi Chuxing has turned a profit in China despite billions of dollars in investment, and combining operations will help smooth the path to profitability and a sustainable business.
Didi is making a $1 billion investment in Uber at a $68 billion valuation, people familiar with the matter said.
Apple is of course widely rumored to be working on its own car-related project dubbed Project Titan, an effort that is an "open secret" in Silicon Valley according to Tesla CEO Elon Musk. The most recent developments with Project Titan include a new chief in veteran Apple executive Bob Mansfield and a new focus on autonomous driving software that could give Apple flexibility beyond plans to build its own vehicles.