Uber’s Chinese Arm To Be Purchased By Key Ride-Sharing Rival

Uber has the lost the fight to retain its Chinese arm after it was purchased by arch ride-sharing rival Didi Chuxing.

Didi Chuxing is China’s largest provider of taxis, private cars, ride sharing and test driving, serving 300 million users across 400 cities and handling over 11 million rides a day. Uber entered the Chinese market in the hope of rivalling Didi but after a fierce battle, Uber is saying farewell to its Chinese business, giving Didi a monopoly on the country’s ride sharing market.

Bloomberg reports that the deal was struck after over a year of chest-beating and fundraising from the two companies, both keen to dominant the market.

In May 2015, Didi gave away the equivalent of $150 million in free rides, prompting Uber to also offer substantial discounts and subsidies for its services. In the following months, both firms began fundraising with Uber attracting about $1.4 billion from investors. Due to its local connections, Didi raised almost $3 billion, thanks largely to the likes of Alibaba, the SoftBank Group Corp from Japan and even Apple.

In the end, Uber gave up the fight, despite spending $2 billion in its futile attempt to dethrone Didi. All the company is left with is 20 per cent of its Chinese arm.

Video

Tesla Demos Autopilot Tech On Model 3 In New Self-Driving Clip

A self-driving Tesla Model 3 conquered both freeway and city roads during this Autopilot demonstration.

This Nissan GT-R Hillclimb Car Has More Wings Than KFC

This Nissan GT-R hillclimb car will premiere at a South African event in May.

BMW Bringing 14 M1 Race Cars To A July DTM Event

BMW built its M1 racers to compete in FIA Group 4 racing and also launched a one-make series.

Range Rover Evoque Is The First Premium Compact SUV To Pass 2020 RDE2 Emission Rules

Land Rover’s latest SUV passes the stricter emissions tests in its base diesel version.

Ford Teams Up With Rivian For New Battery Electric Model

Ford will invest $500 million into Rivian, getting access to the EV company’s skateboard platform.

Tesla Model S And X Long Range Models Now Boast Up To 370 Miles Of Range

The Tesla Model S Long Range and Model X are also quicker than ever.

New BMW 330i M Sport Rocks Sunset Orange Exterior With M Performance Upgrades

This 2019 BMW 3-Series is also equipped with 20-inch Y-spoke dual tone wheels.

Restyled Renault Master And Trafic Get New Faces, Updated Engines And New Tech

The Renault Master and Trafic vans see significant updates for 2019MY, including refreshed exterior and interior designs.

Porsche Seeking Chinese Tech Giant As Joint Project Partner

Porsche is interesting in teaming up with the likes of Tencent Holdings, Alibaba Group and Baidu.

Honda Civic Type R Joins The Exclusive Full-Size LEGO Club

This full-size LEGO Honda Civic Type R will appear in Australia’s ‘LEGO Masters’ TV Show.