Uber has revealed that it is losing more than $1bn a year in China, amid fierce competition from local taxi-booking rival Didi Kuaidi.
But chief executive Travis Kalanick insisted that Uber is in a better position than its Chinese rival because it is able to fund its losses, at least partly, by using profits from other countries.
“We’re profitable in the USA, but we’re losing over $1 billion a year in China,” Mr Kalanick told Canadian technology news site Betakit. “We have a fierce competitor that’s unprofitable in every city they exist in, but they’re buying up market share. I wish the world wasn’t that way.”
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