Apple Inc. has made a $1 billion investment in Didi Chuxing, the leading mobile transportation platform in China.
Apple’s investment is the single largest the Beijing company has ever received. Other investors in the company include Chinese firms Alibaba and Tencent. The funds will help DiDi’s mission of building a data-driven rideshare platform to serve hundreds of millions of Chinese drivers and passengers.
Didi Chuxing has 14 million registered drivers and served over 300 million passengers in 2015. The company has an 87% market share in China, far outpacing Uber, the San Francisco ride-sharing giant that is also looking to expand in the country.
Cheng Wei, founder and CEO of DiDi, said, “The endorsement from Apple is an enormous encouragement and inspiration for our four-year-old company. DiDi will work hard with our drivers, riders and global partners, to make available to every citizen flexible and reliable mobility choices, and help cities solve transportation, environmental and employment challenges.”
“DiDi exemplifies the innovation taking place in the iOS developer community in China,” said Tim Cook, Apple’s CEO. “We are extremely impressed by the business they’ve built and their excellent leadership team, and we look forward to supporting them as they grow.”