Uber loses $1 bln in China
Uber spends more than $1 bln to support its competitive level in China, Reuter’s reports citing the company’s CEO Travis Kalanick. Currently, Uber is seeing fierce competition from the local service Didi Kuaidi. Nevertheless, Uber’s Chinese business develops much faster than the American and worldwide, about 1 mln people per day use the service in China. In the last investment round, Uber’s Chinese business has attracted more than $ bln, after that its value was estimated at $8 bln.