Apple Inc. will reportedly invest $1 billion in Chinese ride-hailing company Didi Chuxing. Reuters reported Thursday night that the tech giant hopes the venture will help it better understand the Chinese market. While China is Apple’s second-largest market, its signature iPhones have failed to take off there as well as hoped. Didi Chuxing is a rival of Uber Technologies Inc., and dominates the Chinese ride-hailing market. Apple CEO Tim Cook told Reuters that he hopes the two companies will collaborate in future opportunities. Didi Chuxing told Reuters that Apple’s $1 billion stake was the biggest single investment it’s ever had.
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From:: Stock Market News