Jeremy Steinberg
1
All posts from Jeremy Steinberg
Jeremy Steinberg in Deals, M&A and more!,

Uber is planning a huge expansion in China

Uber CEO Travis Kalanick said Tuesday that his company will be operating in 100 Chinese cities within a year, twice as many as previously estimated.

The prediction comes as Uber pours resources into Asia, particularly China and India. The U.S.-based transportation app faces stiff competition from homegrown outfits, and is locked in a race for market share across both countries.


"What we've seen here in China is growth that far outpaces anything we've seen before." Kalanick said at Beijing event hosted by Chinese tech firm Baidu.

At the beginning of 2015, Uber had only about 1% of the market in China, he said. Nine months later, Uber has market share of 30% to 35%.

Uber, which is worth an estimated $50 billion, currently operates in 20 Chinese cities. In June,Kalanick had set a goal of expanding to 50 markets in China.

http://money.cnn.com/2015/09/08/technology/uber-china/index....