Apple puts $1bn into Chinese Uber competitor

Computing and technology giant Apple announced a massive new investment overnight - it’s putting $1bn into Chinese car service Didi Chuxing.

The service has been called the homegrown Chinese answer to Uber, and the move was described by Apple chief executive Tim Cook as a way for the company to better understand market nuances in the People’s Republic.

“We are making the investment for a number of strategic reasons, including a chance to learn more about certain segments of the China market,” Cook said.

“Of course, we believe it will deliver a strong return for our invested capital over time as well.”

Didi Chuxing confirmed it was the single largest investment it has ever received, though it has raised several billion dollars from a number of investors in the past.

The company claims to facilitate more than 11 million rides each day, and has more than 87% of the private car hire market in China.

It came at the end of a tumultuous week for Apple, as iPhone sales slow amid signs its core product’s market is maturing.

Shares in the California-based company fell below $90 for the first time in two years on Thursday, after reports surfaced from Taiwan that Apple had told suppliers in that country to expect fewer orders.