Apple Backs Uber Competitor In China

Published May 13, 2016 at 1:33 PM EDT

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A taxi driver uses the Didi Chuxing app while driving along a street in Guilin, in China's southern Guangxi region on May 13, 2016.
Apple has invested 1 billion USD in Chinese ride hailing app Didi Chuxing, the Beijing company said on May 13, as it vies with bitter US-based rival Uber for market share in China. (Greg Baker/AFP/Getty Images) — A taxi driver uses the Didi Chuxing app while driving along a street in Guilin, in China's southern Guangxi region on May 13, 2016. Apple has invested 1 billion USD in Chinese ride hailing app Didi Chuxing, the Beijing company said on May 13, as it vies with bitter US-based rival Uber for market share in China. (Greg Baker/AFP/Getty Images)

Apple is investing $1 billion in a Chinese ride-hailing startup called Didi. Apple will help Didi create a platform to handle more than 11 million rides a day. Didi is the largest company of its kind in China, serving about 300 million users across the country. Apple’s investment is a blow to Uber, which is trying to catch up to Didi in China. It also signals Apple’s interest in expanding into new markets as smart phone sales are slowing. Here & Now’s Lisa Mullins talks to Mike Regan, Bloomberg Gadfly columnist, about the deal.

Guest

Mike Regan, Bloomberg Gadfly columnist. He tweets @Reganonymous.