According to recent reports, Uber is losing $1 billion per annum in China, thanks to what they call a ‘fierce competitor’ called Didi Kuaidi.
This competitor, according to Uber, is “unprofitable in every city they exist in, but they’re buying up market share’ nonetheless.
Uber has gone from 1% share in China at the beginning of 2015 to 30-35%, only to get crushed by the Chinese competitor, who has partnered with Uber’s arch nemesis, Lyft, and is backed by the very powerful Chinese-born companies, Tencent and Alibaba.
According to the last capital raise, Uber is valued at $62.5 billion, presently conducting business in more than 300 countries.
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They’re losing about a dollar per rickshaw.
62.5 billion?? Is this fucking star trek beaming me there?
+1 for funniest comment of the day hahaha
I know fly likes to read this stuff about my shithole city. Make no mistake, all of it is happening on 290, where I thought someone was going to shoot me the other day – apparently going 80 wasn’t fast enough for the 1985 monte carlo behind me!
http://news.yahoo.com/illinois-police-step-patrols-chicago-highway-shootings-surge-215725337.html
need moar death spiral headlines. the old ones aren’t working.
good. i hope uber burns.