To boost sales in Chinese market, Apple invested almost $1 billion in Didi Chuxing that is a ride-hailing service. The company has a great hold on the ride-sharing market in China.
According to the CEO, this move would help the company understand the Chinese market.
China is apple’s second largest market and its film and online book services got shut last month. Thus, Tim Cook will travel to China this month.
This investment has given a sizeable stake to Apple in Uber’s rival in China.
Didi Chuxing was once famous as Didi Kuaidi. The company said that the amount received from Apple is the largest investment it had ever received.
As per some reports, almost11 million rides are completed by the company in one day.
Reports further suggest that a huge number of automotive experts have been hired by Apple.
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Thus, investors are waiting to know whether or not Apple would make an entry in the automotive business.
Cook says that Apple pays attention to the in-car experience. This links to vehicle infotainment systems and smartphones with each other.