Reuters this evening reports that Apple is investing $1 billion in Chinese ride-hailing service Didi Chuxing. In a statement, CEO Tim Cook explained that the investment will give Apple a chance to learn more about certain segments of the Chinese market, while it will also deliver a strong return.
“We are making the investment for a number of strategic reasons, including a chance to learn more about certain segments of the China market,” Cook said. “Of course, we believe it will deliver a strong return for our invested capital over time as well.”
Additionally, Cook noted that this is simply what Apple is doing currently in the car market, teasing that “we will have to wait to see what the future holds.”