Apple Inc said on Thursday it has invested $1 billion in Chinese ride-hailing service Didi Chuxing, a move that Apple Chief Executive Tim Cook said would help the company better understand the critical Chinese market.
The move aligns Apple with Uber Technologies Inc's chief rival in China, as automakers and technology companies forge new alliances and make cross investments. General Motors (GM.N), for example, recently bought autonomous driving technology company Cruise Automation and has also taken a stake in U.S. ride-sharing company Lyft.
That's a huge investment into a ride-hailing service. And while there's something to be said about understanding a critical market, does this investment benefit existing products or future ones?
I like where Glenn Fleishman went with this tweet:
Cook (imagined): “Let’s find a country with regulatory flexibility to test our Apple Cars on the road.” Drops a billion dollars.— Glenn Fleishman (@GlennF) May 13, 2016