Last September, Jean Liu, president of Didi Kuaidi (now Didi Chuxing), had the unenviable task of explaining why it was losing huge amounts of money in a subsidy war with Uber, with no end in sight.
Rather than duck, she took the question head on: “We wouldn’t be here today if it wasn’t for burning cash,” she said.
She was right, and continued to be so. The oft-quoted line became an anthem for Didi, as it went head-to-head with Uber in losing billions of dollars subsidising riders and drivers in a bid for market share.
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