Chinese firms pour $2 billion into Uber
The massive influx of money should help Uber continue its battle for ridesharing supremacy in China against the local rival service Didi Kuaidi. According to Bloomberg, the two firms have spent billions to keep the cost of rides low and attract new customers. Uber benefited from the strategy by growing Chinese market share from 1 percent to 35 percent over the course of 2015.
Didi Kuaidi fought back with a strategy to strengthen Uber's competitors outside of China, including investing $100 million into Lyft in the US. It hoped Uber would then fight to keep market share in the other important regions. The Chinese firm also teamed up with Lyft, Ola in India, and GrabTaxi in Southeast Asia to provide users seamless access to their apps.
Even with the international competition, Uber just keeps growing, and its global business has a value of around $70 billion. The firm recently gave its billionth ride and continues to introduce new ways to get people where they want to go.
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