Apple announced on Friday it will invest 1 billion U.S. dollars in Chinese ride-hailing platform Didi Chuxing.
"We decided to make the investment for a number of strategic reasons, including the chance to learn more about certain segments of the China market. We see lots of opportunities for closer cooperation between the two companies, and we also believe it will deliver strong returns," Tim Cook, Apple's CEO, told Xinhua in a telephone interview.
Cook said the investment reflected Apple's excitement about Didi's fast-growing business and its continued confidence in China's economy in the long run.
Apple has invested heavily to expand its presence in China through Apple stores, environmental initiatives, and supply chains. The latest Didi investment suggests the U.S. company is placing greater focus on app developers in China, now its second largest market.
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Apple announces $1-bln investment in China's hail-riding app
Xinhua
