Uber Loses China Battle, Sells Chinese Subsidiary

Save
Uber Loses China Battle, Sells Chinese Subsidiary
Smartphones show the ride-hailing apps Uber Technology Ltd., left, and Didi Chuxing at a residential compound in Beijing, on Aug. 1, 2016. AP Photo/Andy Wong
Emel Akan
Updated:

San Francisco-based ride-hailing giant Uber Technologies Inc. gave up on competing in China after suffering heavy losses in its attempts to acquire market share in the country.

The company announced on Aug. 1 it is selling its Chinese arm to the biggest local rival Didi Chuxing (“Beep Beep Travel” in English), in a deal that would value the combined company at $35 billion.

Most of the people we asked for advice thought we were naive, crazy—or both.
— Travis Kalanick, CEO, Uber
Emel Akan
Emel Akan
Reporter
Emel Akan is a senior White House correspondent for The Epoch Times, where she covers the policies of the Trump administration. Previously, she reported on the Biden administration and the first term of President Trump. Before her journalism career, she worked in investment banking at JPMorgan. She holds an MBA from Georgetown University.
twitter
Related Topics