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UBER Technologies Inc is burning through more than US$1 billion a year in China, where it is locked in a fierce battle with larger local rival Didi Kuaidi to attract consumers with cut-price taxi rides, according to its chief executive.
Uber’s China unit boosted its valuation beyond US$8 billion last month after raising more than US$1 billion in its latest funding round, although the ride-hailing app is not yet profitable in China’s mainland due to intense competition.“We’re profitable in the US, but we’re losing over US$1 billion a year in China,” CEO Travis Kalanick told Canadian technology platform Betakit.
Uber officials in China confirmed the comments in an e-mail to Reuters yesterday.
“We have a fierce competitor that’s unprofitable in every city ... but they’re buying up market share,” he said.
Uber and Didi Kuaidi, backed by Chinese technology giants Tencent Holdings and Alibaba Group have both spent heavily to subsidize rides to gain market share, betting on China’s Internet-linked transport market becoming the world’s biggest.
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