Pursuits
For Apple, $1 Billion Is Low Price for Firmer China Foothold
- Didi investment comes as smartphone business begins to slow
- The deal also could garner goodwill with Beijing officials
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Apple Inc.’s $1 billion investment in China’s largest ride-hailing service could help accelerate growth in the world’s most populous country -- and earn goodwill with Beijing.
On Friday, the iPhone maker said it was investing in Didi, which handles more than 11 million rides a day and serves about 300 million users in China. The deal was hatched in just 22 days--a sign of how important the Chinese market is to Apple Chief Executive Officer Tim Cook.