battle to dominate the market<\/a> has left both Uber and Didi struggling to succeed.<\/p>\nDuring 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
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