Apple Enters The On-Demand Ride Business With 1 Billion Investment In Didi Chuxing

Didi Chuxing, the largest ride-hailing service in China, just received a huge boost from Apple. The iPhone maker recently invested a whopping 1 billion into the Chinese company. "Didi exemplifies the innovation taking place in the iOS developer community in China," said Tim Cook, the chief executive of Apple. "We are extremely impressed by the business they've built and their excellent leadership team, and we look forward to supporting them as they grow." The investment by Apple in Didi Chuxing is an interesting and unusual move.