Didi Chuxing


'Didi Chuxing' Articles

Apple CEO Tim Cook Says Didi Chuxing 'May Help Traffic Jams Go the Way of the Flip Phone'

Didi Chuxing president Jean Liu has been named one of TIME's 2017 most influential people, and Apple CEO Tim Cook wrote an excerpt about her for the magazine. In it, Cook calls Liu a "disrupter" for building a transportation platform that offers "convenience and flexibility" to millions of commuters. He lauds Didi Chuxing's work on algorithms that improve traffic, saying the technology could eliminate traffic jams in the future. She and her team are succeeding with innovative, big-data algorithms that aim both to improve the efficiency of Didi's service and to ease the congestion on roadways. By analyzing commuter patterns the way oceanographers track the tides, Didi may help traffic jams go the way of the flip phone. In over 400 cities across China, Jean has also built a company that is dedicated to serving the community around it. Guiding Didi to this higher purpose, and giving back to the places where it does business, she shares my belief that companies can and should measure themselves by more than just the bottom line.Apple CEO Tim Cook met Jean Liu in 2016 after Apple invested $1 billion in the ride-sharing company. Following its investment, Apple was given a Didi Chuxing board seat, held by Adrian Perica, Apple's head of mergers and acquisitions. Apple's Didi Chuxing investment provides Apple with access to data and expertise on both electric and autonomous car technology, a useful resource as Apple works to develop a self-driving car software platform.

Apple May Join SoftBank-Backed Investment in Didi Chuxing to Avoid Dilution of its Stake

Chinese ride-sharing company Didi Chuxing is considering a $6 billion investment offer by the Japanese SoftBank Group that could dilute Apple's stake in the company, according to people familiar with the matter. Bloomberg on Tuesday reported that the potential funding would be the single largest for a Chinese technology startup on record, but that it would mean Beijing-based Didi would have to balance the interests of its more than 100 investors, which include the likes of Alibaba and Foxconn. Apple is now said to be considering if it should join the investment on a pro-rata basis to avoid dilution of its stakes, according to sources. Apple invested $1 billion in the company last year, earning it a seat on Didi's board. However, overall the startup amassed $10 billion in cash in 2016 in order to fund its efforts to develop driverless technology. The company currently faces stringent regulations that limit the number of private vehicles and drivers it operates, which may delay its timeline for an initial public offering, according to people familiar with the company's business strategy. SoftBank has been a Didi backer since 2014, but it's not clear if its $6 billion bid would come from Softbank Group or its $100 billion SoftBank Vision Fund, which is expected to close soon and also counts Apple among its investors. Apple has yet to comment on the

Apple-Backed Didi Chuxing to Open Autonomous Driving Research Facility Near Cupertino

Didi Chuxing, the Chinese-hailing company that Apple invested $1 billion in, is opening an artificial intelligence lab in Mountain View, California, reports Recode. The lab will focus on intelligent driving systems and AI-based security for transportation, confirming Didi Chuxing's interest in self-driving vehicles. The facility, located less than 10 miles from Apple's two Cupertino campuses, is one of Didi Chuxing's first locations outside of China. Its location in Mountain View gives Didi Chuxing a better opportunity to recruit key autonomous driving talent, most of which is concentrated in the Bay Area. Google, Uber, Apple, and hundreds of other startups are nearby. Apple CEO Tim Cook with Didi Chuxing president Jean Liu Didi Chuxing has already poached two high-level employees from Uber and Google. Charlie Miller, the engineer who hacked and stopped a jeep remotely is joining Didi from Uber, while Jia Zhaoyin, a senior software engineer at Waymo, comes from Google. Apple invested $1 billion in Didi Chuxing back in May 2016, and there has been speculation that the investment could lead to a deeper partnership between Didi Chuxing and Apple in the future as Apple is also working on self-driving technology. Didi Chuxing is the largest ride-hailing company in China, having purchased Uber's Chinese operations in July 2016. Rumors originally suggested Apple would develop its own autonomous electric vehicle, but Apple shifted focus last summer and is now said to be aiming to create an autonomous driving system that would perhaps allow it to partner with car

Apple Given Didi Chuxing Board Seat Following $1 Billion Investment

Shortly after making a $1 billion investment in Chinese ride-hailing company Didi Chuxing, Apple was given a seat on the board, reports The Information. News originally suggested Apple had not received a board seat as part of the deal, but regulatory filings suggest a board appointment happened late in June. Tim Cook with Didi Chuxing president Jean Liu The board appointment occurred in late June, according to a regulatory filing. It reinforces the gravity of Apple's investment, which influenced Uber's decision to sell its China operations to Didi at the end of July. Didi had a large lead in market share but Uber hoped Didi wouldn't be able to keep raising capital. The Apple investment, while not the deciding factor, was personally disappointing to Uber CEO Travis Kalanick, say people who know him.Adrian Perica, Apple's head of mergers and acquisitions, represents Apple on the board. A former Goldman Sachs investment banker, Perica has been with Apple since 2009 and has handled key acquisitions like Beats. Known as the "Uber of China," Didi Chuxing is the most popular ride sharing service in China. Apple's May 2016 investment in the company came amid rumors Apple is developing its own electric car and was instrumental in helping Didi Chuxing acquire Uber's Chinese operations in a $35 billion deal at the end of July. Apple's $1 billion investment in Didi Chuxing was a first for the company, but it does provide Apple with access to data and expertise on both electric an autonomous car technology, something that will undoubtedly come in handy as the company works to

Apple-Backed Didi Chuxing Under Antitrust Investigation After Uber China Acquisition

China-based ride-hailing service Didi Chuxing is under an antitrust investigation, spearheaded by China’s Ministry of Commerce, following Didi's acquisition of Uber's Chinese operations earlier in the summer (via The Wall Street Journal). The Ministry of Commerce said today that it's opened an investigation "after it received questions over whether the ride-hailing deal complied with the nation’s antitrust law." The investigation has reportedly been ongoing for a while now, as the commerce ministry has held two meetings surrounding the deal between Didi and Uber. According to transcripts of the meetings, the focus has been on asking Didi why it didn't apply for antitrust review before moving forward with the deal. When its acquisition of Uber went public, Didi claimed it didn't need to apply to antitrust regulators "because UberChina’s revenue didn’t reach the 400 million yuan ($60 million) “turnover” threshold triggering an antitrust review." At issue is the vague word “turnover” in China’s antimonopoly law, which could be interpreted as either revenue or transaction volume, China accountants say. UberChina’s transaction volume almost certainly exceeds 400 million yuan, but Uber counts only a fraction of each fare as part of its revenue. That is because the company—like other “platforms” such as Groupon Inc.—says it is only a middleman and that it only passes along fares from riders to drivers, taking a thin cut. Many professionals looking into the case still believe that the Didi/Uber deal will go through in the end, with one ministry spokesman saying that, right

Apple's Huge Investment in Didi Chuxing Was Behind Uber China Deal

Over the weekend we reported that Chinese ride-hailing service Didi Chuxing had agreed to acquire the Chinese operations of rival Uber in a deal worth $35 billion. In a Reuters story filed yesterday, sources close to both companies revealed that Apple's $1 billion investment in Didi Chuxing was the driving factor in Uber's decision to agree to the deal, in return for a one-fifth stake in a bigger Didi. "The Apple investment is one of the factors that influenced the decision," a person close to the companies told Reuters on condition of anonymity. "Both sides raised enormous amounts of capital. They were probably thinking this was going to escalate to nuclear warfare, which raised the question: do we really want to assure mutual destruction?"According to the sources, Didi raised far more money than Uber China, which was forced to subsidize its operations in the country using profits it had made in the U.S., Canada, and about 100 cities elsewhere. The company's relinquishment of its independence in China marks the first failure in Uber's strategy of outspending its biggest competitors. In June, Didi secured $7.3 billion in funding from investors including Apple, China Life Insurance Co Ltd, Ant Financial and other new shareholders, giving the company a $28 billion valuation that made it the world's third highest-valued start-up. The company says it now has $10.5 billion in available funds, thanks to backing from Chinese Internet giants Alibaba Group Holding and Tencent Holdings. "Apple's investment in Didi likely spurred Uber to think harder about doing

Apple-Backed Didi Chuxing to Purchase Uber's Ride-Hailing Operations in China

Chinese ride-hailing service Didi Chuxing is set to acquire the Chinese operations of rival Uber in a $35 billion deal, reports Bloomberg and The Wall Street Journal. Apple notably invested $1 billion in Didi Chuxing back in May, giving Apple access to data and expertise on electric and autonomous car technology, as well as a foot in the door with the Chinese investment community. 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. Didi is making a $1 billion investment in Uber at a $68 billion valuation, people familiar with the matter said.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. 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

Tim Cook Visits Beijing, Shares Ride to Apple Store Using Didi Chuxing

As planned, Apple CEO Tim Cook arrived in Beijing on Monday for his latest visit to China, where the iPhone maker has experienced a turbulent few months. Earlier today, he caught a ride using Didi Chuxing, the Chinese ride-sharing service that Apple just invested $1 billion in, alongside the Uber rival's president Jean Liu. Cook meets with Liu, left, and developers at an Apple Store in Beijing (Image: CNBC) While an earlier report said Cook plans to meet with senior Chinese government officials to discuss a range of issues, including iBooks and iTunes Movies store closures and a recent patent dispute, the CEO has thus far met with App Store developers at an Apple Store in Beijing for a seminar hosted by Liu, per CNBC.At the Apple store, Cook attended a seminar hosted by Didi Chuxing's President Jean Lui, also known as Liu Qing, and attended by the founders and CEOs of some of China's top app providers, including Groupon-like Meituan, picture-editing app MeituPic, news content provider Toutiao.com, culinary app DayDayCook and game developer Tap4Fun.Cook, who shared photos of his visit on Twitter and Weibo, understands the importance of Apple maintaining a positive image in China. "Taxi!" Caught a cab in Beijing this morning with Didi Chuxing's Jean Liu. pic.twitter.com/Sl2xnzXtNY— Tim Cook (@tim_cook) May 16, 2016 Greater China, including Taiwan and Hong Kong, is Apple's second largest market by revenue after the U.S. Last month, the iPhone maker reported that sales dropped 26 percent in the region in the second quarter, primarily due to declining iPhone sales as China's

Apple's $1 Billion Investment in Didi Chuxing Aligned With Electric Vehicle Plans

Apple announced yesterday that it has invested $1 billion in Chinese ride-sharing service Didi Chuxing, but CEO Tim Cook refused to elaborate on the reasoning behind the move, beyond saying that it will help the company better understand the Chinese market and "deliver a strong return" on its invested capital over the long term. Nevertheless, a pair of new reports suggest that Apple's ambitions behind its investment in the Uber rival could relate to its oft-rumored electric vehicle plans and broader push into the automotive industry. The Wall Street Journal wrote that Didi Chuxing is "not only an important ally in a key market, but also a rich data source for self-driving vehicles," which is valuable to Apple amid rumors that it is developing its own electric and possibly autonomous vehicle.Didi provides Apple with a rich data source for its self-driving vehicle push. It also could provide benefits to Apple’s mobile ecosystem. Ride-sharing apps are closely linked to payment services, such as Apple Pay. They also can be the foundation for other mobile commerce transactions such as deliveries. The investment sets up with a potential showdown of firms aligned with Uber, which has taken investments from Alphabet Inc.’s venture capital arm and Chinese search giant Baidu. Both Alphabet and Baidu have invested heavily in autonomous driving technology.The Information reported that ride-sharing services like Didi Chuxing and Uber are highly interested in self-driving vehicles, which would reduce overhead costs by eliminating the need for contracted drivers. In fact, Uber

Apple Invests $1 Billion in Chinese Ride-Sharing Company Didi Chuxing

Apple has invested $1 billion in Chinese ride-hailing company and Uber competitor Didi Chuxing, reports Reuters. The move is a strategic investment that will help the Cupertino company better understand the Chinese market, CEO Tim Cook told Reuters. "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."Didi Chuxing, which has raised several billion dollars in funding, says the investment from Apple is the largest it's ever received. Didi Chuxing dominates the ride-sharing market in China, completing more than 11 million rides a day and owning 87 percent of the market in the country. Although Apple has hired many employees in recent months with automotive backgrounds, likely for its secretive Apple Car project codenamed Project Titan, Cook insists Apple is currently focused on the in-car experience. However, he did not deny what the future may have in store for a potential Apple Car. "That is what we do today in the car business," he told Reuters. "So we will have to see what the future holds." Cook also used the deal to underline Apple's confidence in the market, saying that it reflects the company's "continued confidence in the long term in China's economy." Apple's sales fell 26 percent in Greater China in the second quarter of 2016, causing Carl Icahn to sell his full stake in the company. Apple was also recently forced to take down its iTunes Movies and iBooks