Apple invests $1 billion in Chinese ride-hailing service Didi Chuxing

Apple Inc (AAPL.O) said on Thursday it has invested $1 billion in Chinese ride-hailing service Didi Chuxing, a move that Apple Chief Executive Tim Cook said would help the company better understand the critical Chinese market.

The tech giant’s rare investment gives it a stake in two burgeoning waves of technology – the sharing economy and car technology – as the iPhone business that propelled it to record profitability shows signs of maturing.

Apple is trying to reinvigorate sales in China, where it has come under greater pressure from regulators, and Cook is traveling to the country this month.

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