Uber CEO Travis Kalanick recently disclosed at “fireside chat” in Vancouver that the ride-sharing giant loses $1 billion a year in China.
“We’re profitable in the United State, but in China we’re losing over $1 billion a year,” said Kalanick. “We have a fierce competitor that’s unprofitable in every city they exist in, but they’re buying up the market share.”
The “fierce competitor,” mentioned by Kalanick is Didi Kuaidi, which is currently valued at $16.5 billion. “I wish the world wasn’t that way. I prefer building rather than fundraising,” Kalanick said.
Uber is currently valued at nearly $65 billion, and has accumulated $9 billion worth of venture capital. The company is the world’s most valuable non-listed technology company.
According to reports, Uber has received funding from a number of well-known Chinese enterprises, including Baidu. The company plans to expand within China in 2016, and have services in 100 cities.
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Keywords: Uber Travis Kalanick Uber China
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