Uber is losing $1 billion a year in China

Feb 19, 2016, 15:43
Uber is losing $1 billion a year in China

Uber has revealed it is burning through more than $2.7m (£1.8m) every day in China as it wages a fierce price war against its local rivals. The Chinese taxi-hailing giant records six million rides daily, compared to Uber's one million rides a day.

US-based Uber launched in China in 2014 and competes against the country's largest taxi app Didi Kuaidi.

In July 2015, Uber began its move into in China, with Beijing being its first city.

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"We're profitable in the U.S., but we're losing over $1 billion a year in China", Uber's CEO Travis Kalanick told Canadian technology platform Betakit.

Didi Kuaidi was created a year ago by the merger of Uber's two biggest Chinese rivals (Didi Dache and Kuaidi Dache) and is backed by Tencent, SoftBank and Alibaba. I wish the world wasn't that way, ' Kalanick lamented. This is not putting Uber's plan into action, as it tends to successfully integrate into more than 100 cities in China over these coming years.

A spokesman for Didi Kuaidi, which has the biggest market share of China's car-hailing app market, said that Uber's claims about its spending were untrue and that it is benefiting from its larger size.

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Kalanick has been very open about the practice of paying drivers subsidies in China in a bid to win market share, saying this is "how you win" in the country.

Uber said that the competition is forcing Didi to spend "many multiples" more than it is, which Didi denies, insisting instead that "smaller competitors [like Uber] have to bleed subsidies to make up for their insufficient driver and rider network".

"I prefer building rather than fundraising", Kalanick told Betakit. However, he reckons that participation in fund-raising is also essential, as it will mean gaining some market share for intense competition ahead.

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