The US tech giant has made a $1bn investment in Didi Kuaiche.
The Didi Kuaiche app Image: eChinacities |
In an unusual move, Apple's CEO Tim Cook has announced the firm will commit $1bn in the Chinese taxi hailing service in order to help the company better understand the Chinese market.
In doing so, it will gain a foothold into the burgeoning sharing economy and also China's booming car market.
The move comes at a time when iPhone sales in China are spluttering and the US, Cupertino-based firm are looking for new ways to access an increasingly affluent population.
Didi Chuxing has a valuation of around $20bn, despite losing billions in an ongoing bid for market share with US hailing service Uber.
Analysts see the bid as part of the firm's strategy to integrate its hardware and software offerings and create an entire Apple ecosystem. By investing in Didi Chuxing, they will also be able to provide CarPlay, maps and other infotainment offerings to consumers, creating a powerful platform.