Monday, August 1, 2016

Uber throws in the towel in China – Boursorama

Uber throws in the towel in China

Uber throws in the towel in China

Didi Chuxing, Chinese main implementation vehicle reservation with driver, will acquire the operations of his Uber rival in China, the US juggernaut of VTC throwing in the towel after a ruinous battle on this huge market … but not profitable for lui.En exchange of its assets in China, Uber will receive shares equal to 20% of the merged entity, explained Monday the two companies in separate statements. The total value of the new group will total $ 35 billion according to Bloomberg News.C’est the end of a bitter war and ever more expensive between the two rivals in which the Californian giant has swallowed up billions of dollars to scrounge units of a market in full essor.Uber decided to stop spending: by stemming the haemorrhage of capital and massive losses in China, the US will emerge from the investment margins and position for quote next in Bourse.Le boss-founder of Uber Travis Kalanick has also long praised on Facebook: “as soon as we spoke of our efforts in China, most people we were naive or crazy, or both the time, “he recalled, before citing the rapid progress of Uber.Arrivée early 2014 in the country, the company is now present in sixty cities, with over 40 million registered trips each semaine.- “formidable opponent” -Certainly, Didi Chuxing, with some 300 million registered users across 400 cities, dominated last year 99% of the Chinese market for online taxi bookings and 87% of bookings private vehicles with chauffeur.Mais this niche, Uber arrogates now between 10 and 15% market share –in shot of huge investments, largely subsidizing paths usagers.Une effective strategy, but expensive: Mr. Kalanick revealed in February that his …

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