Uber Is Losing The War In China, Investors Call For A Truce
Uber’s investors are getting tired of the firm’s costly war with Chinese ride-sharing rival Didi Chuxing and are clamoring for a truce.
Uber’s aggressive expansion in China has drawn the ire of top Chinese competitor Didi, and the two firms have been lowering prices, upping driver incentives and vying for fundraising in what has turned into a costly war, Bloomberg reports. Now Uber’s investors are calling for the firm to enter some kind of truce, whether that means selling Uber China to Didi, entering a profit-sharing partnership or something else entirely.
The calls for a ceasefire come shortly after Apple invested $1B into Didi—a serious blow for Uber, made worse since CEO Travis Kalanick and Apple CEO Tim Cook are reportedly friends. [Bloomberg]