Didi Chuxing and SoftBank team up on Japanese taxi venture


Chinese ride hailing giant Didi Chuxing will set up a venture with SoftBank to provide ride-hailing and other services for the Japanese taxi industry, the companies said in a statement on Friday.

The move into Japan underscores a recent push by Didi to beef up its presence in markets outside China and intensifies the firm’s global battle with U.S. rival Uber, whose China business it bought in 2016.

The two firms aim to establish the joint venture and begin trial services in Japan this year. SoftBank is an existing investor in Didi, which raised $4 billion to fund its global push in December at a valuation of more than $50 billion.

Didi has expanded overseas rapidly in the past year since sealing its dominance in China with the purchase of Uber’s local business, ending a cash-burning subsidy war that cost the U.S. firm roughly $2 billion.

Source link

Products You May Like

Articles You May Like

Gig economy workers must get creative to save for retirement
Fed Quarles pushes for rate hikes, review of crisis bank regulations
Medtronic’s quarterly profit meets expectations
Retail investors would feel cryptocurrency market collapse most
Home Depot earnings, sales top Wall Street expectations

Leave a Reply

Your email address will not be published. Required fields are marked *