Apple has invested $1 billion into a Chinese ride-hailing service in an effort to fortify ties with China’s booming consumer market.
The service, Didi Chuxing, is Uber’s biggest rival in the world’s most populous country, completing 11 million rides a day — 87% of China’s ride-hailing market, Reuters reported. The Apple investment is the largest single infusion of capital the company has received since it was founded four years ago.
