Apple Invests $1 Billion In Chinese Taxi-Hailing App

The Chinese taxi-hailing app Didi Chuxing has received a one billion US dollar investment from Apple. The investment was announced by Apple CEO Tim Cook, who said that it would help them better understand the Chinese market. This new investment comes while Apple struggles to get the same foothold in the country as it has around the majority of rest of the world, and recently had its iPhone trademark denied by courts in Beijing. The app is a direct competitor with taxi-hailing app Uber, and currently holds a larger market share in China than its US rival, at 87% and 11 million rides per day. Uber also recently announced that it was losing the same one billion dollars every year in the country, trying to subsidise discounted rides.