The company’s Chinese business is now worth $8bn,but is losing money as it tries to compete with local firm Didi KuaidiUber is burning through more than a billion dollars a year in China as it wages a fierce price-war against local rival Didi Kuaidi, its chief executive said.
The company’s Chinese business boosted its valuation final month to more than $8bn after raising more than $1bn in its latest funding round, and but the US ride-hailing app is not yet profitable in mainland China because of the intense competition. Continue reading...
Source: theguardian.com