Uber gets ready to take the backseat to competitors in China
 

Uber gets ready to take the backseat to competitors in China
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Faced with massive losses in China, Uber is finally ready to call it quits in the massive market, where it's been soundly beaten by domestic ride-hailing service Didi Chuxing.

As reported by Bloomberg and confirmed later by other news outlets, Uber will merge its China business with Didi, creating an entity worth a combined $35 billion.

SEE ALSO: Uber's enemies unite: its top American rival teams up with its biggest China rival


While this may herald the end of Uber's direct efforts in China, the Bloomberg report **ted that Uber will get 20 percent of the new combined entity, giving it a healthy stake in the rapidly growing Chinese ride-hailing market. Read more...

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