Business
Why China’s Didi can succeed where Uber has struggled – The Economist
To glimpse the future of the ride-hailing business, look east
WE INVEST A lot of money here in China, proclaimed Travis Kalanick, founder and then boss of Uber, at a confab in Tianjin in June 2016. But, he added with foreboding, we have a competitor who is investing even more. Two months later the American ride-hailing giant threw in the towel, selling its Chinese operations to its Beijing-based rival, Didi. Uber lost some $2bn over two years in China. Its retreat paved the way for Didi to grow into Chinas undisputed ride-hailing champion, which today processes…
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