Late Thursday, Apple announced that it has invested $1 billion in Chinese ride-hailing startup Didi Chuxing, an unusual investment for the technology giant. Analysts suggested that Apple is trying to make up for declining iPhone sales in China, providing a market for its rumored self-driving car project, or trying to boost Apple Pay in China, but CEO Tim Cook said simply that Didi demonstrates the innovation coming out of iOS developers in China. He said Apple is "extremely impressed by the business they've built and their excellent leadership team, and we look forward to supporting them as they grow." It's Apple's largest investment since purchasing Beats Electronics for $3 billion in 2014.
Didi is larger than its main competitor, UberChina, but both ride-hailing companies are aggressively expanding in China. Didi, currently operating in 400 Chinese cities, is valued at more than $25 billion, and while Apple's investment is the largest to date, other investors include Chinese internet giants Alibaba and Tencent. Apple can afford the deal, certainly: On March 26, Apple reported having $233 billion in cash and marketable securities.
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
-
Today's political cartoons - March 30, 2025Cartoons Sunday's cartoons - strawberry fields forever, secret files, and more
-
5 hilariously sparse cartoons about further DOGE cutsCartoons Artists take on free audits, report cards, and more
-
Following the Tea Horse Road in ChinaThe Week Recommends This network of roads and trails served as vital trading routes
-
Tesla Cybertrucks recalled over dislodging panelsSpeed Read Almost every Cybertruck in the US has been recalled over a stainless steel panel that could fall off
-
Crafting emporium Joann is going out of businessSpeed Read The 82-year-old fabric and crafts store will be closing all 800 of its stores
-
Trump's China tariffs start after Canada, Mexico pausesSpeed Read The president paused his tariffs on America's closest neighbors after speaking to their leaders, but his import tax on Chinese goods has taken effect
-
Chinese AI chatbot's rise slams US tech stocksSpeed Read The sudden popularity of a new AI chatbot from Chinese startup DeepSeek has sent U.S. tech stocks tumbling
-
US port strike averted with tentative labor dealSpeed Read The strike could have shut down major ports from Texas to Maine
-
Biden expected to block Japanese bid for US SteelSpeed Read The president is blocking the $14 billion acquisition of U.S. Steel by Japan's Nippon Steel, citing national security concerns
-
Judges block $25B Kroger-Albertsons mergerSpeed Read The proposed merger between the supermarket giants was stalled when judges overseeing two separate cases blocked the deal
-
Rupert Murdoch loses 'Succession' court battleSpeed Read Murdoch wanted to give full control of his empire to son Lachlan, ensuring Fox News' right-wing editorial slant
