Apple on Friday said it has invested 1 billion dollars in Chinese ride-hailing company Didi Chuxing, a move that comes as Apple's sales in its second-largest market are falling. "We decided to make the investment for a number of strategic reasons,including the chance to learn more about certain segments of the China market," Apple chief executive Tim Cook told Xinhua news agency.
Didi Chuxing, formerly known as Didi Kuaidi, said in a statement that this is the single largest investment the company has ever received. Didi Chuxing is also backed by Chinese internet giants Alibaba and Tencent.
The company said it serves around 90 per cent of China's car-hailing service market.