Less than a week after Beijing announced, after six months of consultation, the future legal framework for services of VTC, the US leader Uber and its main Chinese rival, Didi Chuxing if are determined to move closer. This is Bloomberg, but the Wall Street Journal who unveiled early Monday morning by revealing that after this agreement, Uber would hold approximately 20% of the new merged entity, whose total value is estimated 35 billion.
This is the Chinese Didi who confirmed the operation later, via a statement. The opportunity to give a few more details about the operation. Thus it seems that the brand will not disappear Uber Chinese landscape and Travis Kalanick, the boss of the US company will join the board of the Chinese company.
The operation appears for many analysts as a way for Uber to pull the plug on the strategy pursued so far in China. In a blog post revealed by Bloomberg, the boss Uber recognized aileurs have learned that “e success came to listen to his head as well as his heart. Uber and Didi Chuxing investing billions of dollars in China, and the two companies still fail to make profits there “
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He added that J ‘ learned that “become profitable is the only way to build a sustainable business that can serve the public and the Chinese drivers in the long term (…) I have no doubt that China and Uber Didi Chuxing be stronger together” he concluded.
a truce in the war waged between the two rivals
confirmation of this rapprochement confirms mean a truce between two rival until then engaged in a fierce battle and ever more expensive. Chuxing Didi has 300 million registered users, more than 11 million journeys made every day through 400 Chinese cities. And application dominated last year 99% of the Chinese market for online taxi bookings and 87% of reservations for private cars with driver. To the point that Apple has recently decided to invest $ 1 billion in Chinese society.
In this niche, Uber (happened early 2014 in China) now assumes 10 and 15% market share, suddenly colossal investments, largely subsidizing trips users. An effective but expensive strategy: Travis Kalanick recognized last February, in an interview with the magazine Betakit, his company was losing money in China.
“We are profitable in the US, but we are losing over a billion dollars a year in China. There is a fierce competitor who is not profitable in any city where it is located, but so is buying market share. I would like the world does not work that way, “then stated Travis Kalanick
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