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Uber China losing $1 billion a year in competition with local rival

Published 02/18/2016, 10:21 AM

Investing.com - Uber’s CEO said the company is losing more than $1 billion dollars a year to compete in China.

The company is locked in a fierce battle with larger local rival Didi Kuaidi to lure consumers with cut-price deals.

Both car-hailing apps have subsidized rides to gain market share, betting on China's Internet-linked transport market becoming the world’s biggest.

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