Today's Hard|Forum Post
Today's Hard|Forum Post

Thursday February 18, 2016

Uber Losing $1B A Year To Compete In China

Wouldn't it be awesome to raise billions a year in funding just so you can lose $1 billion a year trying to compete in China?

Uber Technologies Inc is burning through more than a billion dollars a year in China as it wages a fierce price war against local rival Didi Kuaidi, its chief executive said. The company's Chinese business boosted its valuation last month to more than $8 billion after raising more than $1 billion in its latest funding round, but the U.S. ride-hailing app is not yet profitable in mainland China because of the intense competition.