{"id":45478,"date":"2023-10-20T15:43:50","date_gmt":"2023-10-20T15:43:50","guid":{"rendered":"http:\/\/startupsmart.test\/2023\/10\/20\/ride-sharing-rival-swallows-up-uber-china-ending-market-war-startupsmart\/"},"modified":"2023-10-20T15:43:50","modified_gmt":"2023-10-20T15:43:50","slug":"ride-sharing-rival-swallows-up-uber-china-ending-market-war-startupsmart","status":"publish","type":"post","link":"https:\/\/www.startupsmart.com.au\/uncategorized\/ride-sharing-rival-swallows-up-uber-china-ending-market-war-startupsmart\/","title":{"rendered":"Ride-sharing rival swallows up Uber China ending market war – StartupSmart"},"content":{"rendered":"
\"Uber<\/div>\n

Uber and Didi Chuxing are bringing a two-year ride-sharing market war in China to an end with a merger worth billions of dollars.<\/p>\n

In a blog post on the Uber website, the CEO and co-founder of Uber Travis Kalanick said neither company could survive if they continue to fight.<\/p>\n

\u201cI\u2019ve learned that being successful is about listening to your head as well as following your heart,\u201d Kalanick says.<\/p>\n

As part of the deal, Didi has said it will acquire Uber\u2019s brand, business and data in China in return for a 20% stake in the merged entity.<\/p>\n

According to Reuters<\/em>, it will be worth about $US35 billion ($AUD46.5 billion) with Didi\u2019s current valuation at $US28 billion ($AUD37.2 billion).<\/p>\n

Didi will also invest $US1 billion ($AUD1.3 billion) into Uber Technologies.<\/p>\n

Over the past two years, Kalanick says their battle to dominate the market<\/a> has left both Uber and Didi struggling to succeed.<\/p>\n

During this time, Uber has lost $US2 billion ($AUD2.6 billion) in China raising qualms with its investors.<\/p>\n

\u201cUber and Didi Chuxing are investing billions of dollars in China and both companies have yet to turn a profit there,\u201d Kalanick says.<\/p>\n

\u201cGetting to profitability is the only way to build a sustainable business that can best serve Chinese riders, drivers and cities over the long term.\u201d<\/p>\n

Until now, Didi has been actively merging and acquiring other ride-sharing services to amp up its market power against Uber.<\/p>\n

Didi is backed by Chinese tech conglomerates like Alibaba Group.<\/p>\n

\u201cChina is an amazing country and if you aspire to make \u201ctransportation as reliable as running water, everywhere for everyone\u201d you can\u2019t ignore a fifth of the world\u2019s population,\u201d says Kalanaick.<\/p>\n

\u201cAs an entrepreneur, if you have the opportunity to build both Amazon and Alibaba at the same time, you\u2019d be crazy not to try.\u201d<\/p>\n

The companies are now working to combine boards and move forward.<\/p>\n

\u201cDidi Chuxing and Uber have learned a great deal from each other over the past two years,\u201d said Didi founder Cheng Wei.<\/p>\n

\u201cThis agreement with Uber will set the mobile transportation industry on a healthier, more sustainable path of growth at a higher level.\u201d<\/p>\n

Follow StartupSmart on<\/em> Facebook,<\/em> Twitter, <\/em>LinkedIn <\/em>and <\/em>SoundCloud.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

Uber and Didi Chuxing are bringing a two-year ride-sharing market war in China to an end with a merger worth billions of<\/p>\n","protected":false},"author":2,"featured_media":58727,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[22,6,1],"tags":[],"_links":{"self":[{"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/posts\/45478"}],"collection":[{"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/comments?post=45478"}],"version-history":[{"count":0,"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/posts\/45478\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/media\/58727"}],"wp:attachment":[{"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/media?parent=45478"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/categories?post=45478"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/tags?post=45478"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}