Apple Given Didi Chuxing Board Seat Following $1 Billion Investment

[MacRumors]

Shortly after making a $1 billion investment in Chinese ride-hailing company Didi Chuxing, Apple was given a seat on the board, reports The Information. News originally suggested Apple had not received a board seat as part of the deal, but regulatory filings suggest a board appointment happened late in June.

Tim Cook with Didi Chuxing president Jean Liu​

The board appointment occurred in late June, according to a regulatory filing. It reinforces the gravity of Apple's investment, which influenced Uber's decision to sell its China operations to Didi at the end of July. Didi had a large lead in market share but Uber hoped Didi wouldn't be able to keep raising capital. The Apple investment, while not the deciding factor, was personally disappointing to Uber CEO Travis Kalanick, say people who know him.

Adrian Perica, Apple's head of mergers and acquisitions, represents Apple on the board. A former Goldman Sachs investment banker, Perica has been with Apple since 2009 and has handled key acquisitions like Beats.

Known as the "Uber of China," Didi Chuxing is the most popular ride sharing service in China. Apple's May 2016 investment in the company came amid rumors Apple is developing its own electric car and was instrumental in helping Didi Chuxing acquire Uber's Chinese operations in a $35 billion deal at the end of July.

Apple's $1 billion investment in Didi Chuxing was a first for the company, but it does provide Apple with access to data and expertise on both electric an autonomous car technology, something that will undoubtedly come in handy as the company works to develop its own car product.

Apple's "Project Titan" effort, described as an "open secret" by Tesla CEO Elon Musk, is Apple's car-building project. Apple is said to have a secret facility in Sunnyvale where it is developing car prototypes, and the most recent rumors suggest Apple is also focusing on autonomous driving software as part of a two-prong approach that will allow it to both develop its own car and create software that could potentially be used in third-party vehicles.

A partnership with a company like Didi Chuxing, which employs thousands of drivers, could give Apple a resource for testing future software products.

Article Link: Apple Given Didi Chuxing Board Seat Following $1 Billion Investment

 

[realeric]

Apple just lost $1 billion.

 

[angemon89]

a billion dollars

 

[JPLC]

Not sure... Is this investing or innovating? Does Tim know?

 

[desmond2046]

Apple just lost $1 billion.

At least better than the 18 billion Samsung lost from the explosion

 

[definitive]

They couldn't have invested in an American based company instead?

 

[BeefCake 15]

They couldn't have invested in an American based company instead?

Stop your Didi Chuxing!

 

[Feenician]

Here comes the disguised and not-so-disguised casual racism...

 

[Asarien]

I see...

This is what he does with his company's time and money instead of innovating and improving its existing products.

 

[OneTokenRing...]

They couldn't have invested in an American based company instead?

Apple has made numerous investments in american companies, primarily thru acquisitions but investments none the less

https://en.wikipedia.org/wiki/List_of_mergers_and_acquisitions_by_Apple

 

[Asarien]

They couldn't have invested in an American based company instead?

The money's not in America anymore, bucko. In large part to billionaires like that who improves infrastructure elsewhere, because it's an "investment."

 

[pat500000]

Somebody is mad....lol.

 

[joueboy]

They couldn't have invested in an American based company instead?

That's a thing in the past. Even American based companies prefer to hire foreigners. The only thing that stopping them is the law putting a limit to it. But they spent millions lobbying to change that law.

 

[nazaar]

Are they doing this because they don't know what to do with computers anymore.

 

[ghost187]

Miss President Didi is cute

 

[mr.steevo]

Apple just lost $1 billion.

I'll be the first to admit that I didn't get it when Steve Jobs introduced the iPod either.

 

[webbuzz]

Apple just lost $1 billion.

Not really. It is an investment in their relationship with the Chinese government as much as it is an investment in a ride-hailing company.

 

[neech7]

Apple just lost $1 billion.

A bunch of armchair gurus telling us they know better how to run one of the most profitable companies in the world, than the guy actually doing it.

 

[Michael Scrip]

This is why Macs are delayed... too much futzing around with other things!

 

[krause734]

Apple is known for taking good ideas and making them better. Look out Tesla and Uber!

 

[Glideslope]

At least better than the 18 billion Samsung lost from the explosion

Bah, $17 Billion tops.

 

[fermat-au]

Could one reason that Apple invested $1 billion in a Chinese not US company, this the $1 billion was earned outside the US and Apple wanted to spend it outside the US so they wouldn't need to bring it back to the US and pay the taxes?
I am not saying this would be the only reason, just that Apple may be looking for ways to invest outside the US, due to their tax situation.

 

[Feenician]

Could one reason that Apple invested $1 billion in a Chinese not US company, this the $1 billion was earned outside the US and Apple wanted to spend it outside the US so they wouldn't need to bring it back to the US and pay the taxes?
I am not saying this would be the only reason, just that Apple may be looking for ways to invest outside the US, due to their tax situation.

I think you can be pretty sure that's a factor, or at the very least you can say it lowers the barrier to overseas investment. Repatriating it would be expensive.

 

[ayokkay]

Apple just lost $1 billion.

 

[Mansu944]

Here comes the disguised and not-so-disguised casual racism...

Jeez you SJW's. is it ever ok to bag on anything that's not a white male? Every criticism of this and every joke about this is racist???