Uber is Losing Billions in China, CEO Admits
- 8 years ago
The chief executive of Uber has admitted that the company is losing more than $1 billion per year in China due to local competition, Canadian tech site Betakit reported.
The ride-sharing app launched in China in 2014 but faces stiff competition from Didi Kuaidi, the country’s largest taxi app.
Uber is currently available in more than 40 cities in China but plans to expand into 100 Chinese cities in 2016.
Uber CEO Travis Kalanick has previously estimated that around 30 percent of the company’s global rides come from China, with the southwestern city of Chengdu being Uber’s top city worldwide in terms of daily average completed rides.
“We’re profitable in the U.S., but we’re losing over $1 billion a year in China,” said Kalanick, speaking at a private tech event in Vancouver, Canada, according to Betakit.
The ride-sharing app launched in China in 2014 but faces stiff competition from Didi Kuaidi, the country’s largest taxi app.
Uber is currently available in more than 40 cities in China but plans to expand into 100 Chinese cities in 2016.
Uber CEO Travis Kalanick has previously estimated that around 30 percent of the company’s global rides come from China, with the southwestern city of Chengdu being Uber’s top city worldwide in terms of daily average completed rides.
“We’re profitable in the U.S., but we’re losing over $1 billion a year in China,” said Kalanick, speaking at a private tech event in Vancouver, Canada, according to Betakit.