Uber is losing $1 billion a year in China

Uber

Uber has revealed that is losing more than $1 billion a year in China, amid fierce competition from local ride-hailing rival Didi Kuaidi. But chief executive Travis Kalanick insisted that Uber is in a better position than its Chinese rival because it is able to fund its losses, at least partly, by using profits from other countries… Uber has raised more than $10 billion to date, and its investors include Goldman Sachs, TPG, Fidelity and — most recently — Russian billionaire Mikhail Fridman. Didi Kuaidi raised $3 billion in a fundraising round last year, bringing its total funds raised to more than $4 billion from investors including China’s sovereign wealth fund CIC, Alibaba, and Tencent. Didi has also been an active investor in Uber’s competitors around the world, including Lyft in the US, and Grab in Southeast Asia.

 

Charles Clover and Leslie Hook

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