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Uber to invest US$992 million in China
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US ride-hailing service Uber said it will invest a total 6.3 billion yuan (US$991.8 million) in China as the Internet company launched a subsidiary in Shanghai Free Trade Zone today to help reach the goal.
It also plans to provide services in about 100 cities in China in a year from 21 at present, according to company’s statement.
Ride-hailing companies have frequent investment moves in China recently as share-grabbing competition is heating up between Didi Kuaidi, a Chinese hailing app, and US-based Uber.
Didi announced undisclosed investment in India's largest counterpart Ola last week, after several partnerships with other regional players in US and Malaysia last month in aim to curb Uber.
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