Tuesday, October 11, 2016

Apple Has Board Seat On China's "Uber" -- Didi -- October 11, 2016

This is really cool. Uber was trying to make inroads in China. But then they ran into Apple.

Didi Chuxing, or "Didi" for short, is the "Uber of China," the most popular ride sharing service in China.

Tim Cook / Apple made a $1 billion investment in Didi this part June (2016) and now Apple has a seat on the board of directors at Didi.

Apple's Adrian Perica represents Apple on the Didi board. Perica was a former Goldman Sachs investment banker and handled key acquisitions like Beats.

This was a first for the company and gives Apple access to data and expertise on both electric and autonomous car technology.

Uber had hoped that Didi would fail at raising more capital to expand. Apple's investment in Didi in May, 2016, was instrumental in helping Didi Chuxing acquire Uber's Chinese operations in a $35 billion deal at the end of July.

Much, much more at Macrumors. Really, really cool. Most important takeaway has nothing to do with Uber vs Didi. The most important takeaway from this story is the fact that Tim Cook is in the good graces of the Chinese government. Priceless. Especially if one is selling smart phones there.

Uber CEO Travis Kalanick most likely has this on his playlist:

Cryin' Time Again, Leann Rimes

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