Apple recently invested $1 billion in China’s largest private ride-hailing service, Didi Chuxing (a competitor of Uber). Preliminary reports are sharing with the public that the move may be a way for Apple to not only better understand the Chinese market, but take its first step in the automotive/transportation industry.
The large investment gives Apple a window into the business that dominates 87% of the country’s ride-hailing services, which roughly comes out to 11 million rides per day. This partnership lends a little support to the claim that Apple is secretly working on a self-driving vehicle-related product, code-named “Project Titan.”
So what is behind this investment?