Uber to Sell to Rival Didi Chuxing and Create New Business in China

August 1, 2016 11:21 AM

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Uber to Sell to Rival Didi Chuxing and Create New Business in China

Still, it is by no means a financial catastrophe for Uber, which for about $2 billion of investment in the Chinese market gets a $7 billion share in a company that is likely to grow. It also saves the cash it may have spent competing in China for other projects.

“Three years ago I traveled to China with a small group of people to see if we might be able to launch Uber there,” Mr. Kalanick, Uber’s chief executive, said in a blog post shared with The New York Times that will be posted when the company officially announces the deal. “Most of the people we aske...

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