Uber Losing $1 Billion a Year In China (thestack.com)

Posted by timothy on Wednesday February 17, 2016 @04:25AM from the yuan-way-to-approach-it dept.

An anonymous reader writes: Uber CEO Travis Kalanick has revealed that the ride-sharing company is writing off $1 billion a year in order to consolidate its place in the Chinese ride-sharing app market. Kalanick said in a speech at the Vancouver Launch Academy that Uber is deeply engaged in a fight for customers in the Chinese market, and that an unnamed competitor is "buying up market share." Uber's main rival in China is Didi Kuaidi, which invested $100 million in Lyft and Ola to last year in a consolidation effort against Uber's incursion into the market — which many believe to have occurred too late into the development of ride-share schemes in China.

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Uber Losing $1 Billion a Year In China (thestack.com)

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