Apple is looking to tap into the China Market and it is doing it big. Apple has done this by investing $1 billion into Didi Chuxing, a leader in Chinese ride hailing service. The move is seen as a way of trying to learn more about the China as a country and a market for Apple products. China comes in as the second largest market for Apple products after the US market.
Apple CEO Tim Cook came out to assure the investors that the new investment is worth every penny spent. The company said that the investment was for strategic reasons and more importantly a chance to obtain more segments of the China market. Cook is confident that the investment they have made will actually pay off in the end. The expected return on investment will help to grow both companies who have entered into this partnership.
Didi CEO Cheng Wei also saw this as an opportunity to grow the company further all over China. The company also recognized the innovation taking place in China all thanks to the involvement of Apple as the lead company. They are extremely happy to work with Apple and also for choosing them especially when they have only been in business for four years. The company has been offering some serious rival to Uber transport service.