Uber is selling its business in China to competitor Didi Chuxing, the company
announced. Uber founder and CEO Travis Kalanick in a blog post noted that
although Uber is averaging more than 150 million trips per month in China and
has invested billions of dollars in growing its business there, neither it nor
Didi Chuxing has turned a profit in China. "Getting to profitability is
the only way to build a sustainable business that can best service Chinese
riders, drivers and cities over the longer term," he said. "I have no
doubt that Uber China and Didi Chuxing will be stronger together." As part
of the deal, Didi Chuxing will invest $1 billion in Uber's global operations
elsewhere, according to a Bloomberg
report.