Chinese ride-hailing giant Didi Chuxing Made Global Expansion Official

Didi Chuxing, China’s most popular ride-hailing service, has identified business globalization as an important strategy going forward, founder Cheng Wei said at the BRICS Business Forum 2017 held in China’s southern city of Xiamen, Fujian province.

The sharing economy is one of the core values of the internet era, he said, and China will remain a global leader in its development as well as in online mobility services over the next decade.

The firm plans to work with partners to introduce its innovative business model and technology to foreign markets.

“China will lead the world in the sharing economy and become the center of transportation reform in the following 10 years,” Cheng expected.

“Instead of competing with local companies or overturning local traditional industries, what we look forward to is exporting the innovative models and technologies in solving traffic problems that we have learned in China in the past years, as well as capital cities,” Cheng explained.

What Didi has achieved so far?

Didi has invested in Brazilia’s 99, India’s Ola, Estonia-based Taxify that operates in Europe and Africa, Careem in Middle East, Southeast Asia’s Grab and Uber, as well as Uber’s US rival Lyft.

In January, the company signed a strategic cooperation agreement with Brazil’s leading ride-sharing firm 99, becoming a strategic investor and taking a seat on its board of directors.

Besides capital, Didi promised it will provide strategic support to 99 such as technology, products, operational experience and business planning, helping the company expand markets in Brazil and Latin America, according to a report by National Business Daily.

Since investing in Indian ride-sharing leader Ola in September 2015, Didi has partnered with Ola in exploring products and technologies, as well as sharing experiences in big data algorithms and business operations, tech.163.com reported.

Back in August 2015, Didi invested in Grab, the taxi-hailing app that rivals Uber in Southeast Asia. That was its first investment in the ride-hailing sector and the first step of the Beijing-based company’s global expansion.

Grab co-founder and CEO Anthony Tan said Didi and Grab respect each other like brothers and this kind of partnership ensures the company serves the local market better, the Wall Street Journal reported, National Business Daily cited.

The past two years experience has made Cheng realize the speed of the Chinese new economy’s global expansion is faster than other traditional industries.

“China will lead the world in the sharing economy and become the center of transportation reform in the following 10 years,” Cheng expected.

Source: yicaiglobal.com, chinadaily.com.cn

Header photo: tmtpost.com

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