Market Overview

Didi CEO Talks Apple Partnership, 'Huge' Market Potential

Didi CEO Talks Apple Partnership, 'Huge' Market Potential

The $1 billion investment from Apple Inc. (NASDAQ: AAPL) in Chinese ride-sharing firm Didi Chuxing could be the start of a new innings for the iPhone maker in a market where potential is "huge."

"We clicked quickly with Apple," Jean Liu, Didi Chuxing president, told CNBC.

"[B]oth companies share similar philosophy. We both care about community. We both want to have a collaborative, inclusive company culture — and that gives a lot of common ground."

Related Link: Didi Chuxing Investor Breaks Down Apple's $1 Billion Investment

In China, Liu said both companies share a huge overlap in customer base, as drivers and customers use iPhone or iPads a lot.

Commenting on the market opportunity and Didi's scale, Liu noted, "Right now, we have coverage in 400 cities in china already, we have completed 11 million rides on a daily basis. Though the number sounds so big already, it is only 1 percent penetration in China's ride market."

Liu said the daily commute in China is 1.1 billion, and just that 1 percent penetration generating 11 million rides each day for Didi is significant. She noted, "If you talk about the market potential, it is huge."

Posted-In: CNBC Didi ChuxingEmerging Markets Travel Markets Media Trading Ideas General Best of Benzinga


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