This time last year, Uber’s chief executive Travis Kalanick was on the road raising money for Uber China, seeking to conquer a market that he called “one of the largest untapped opportunities for Uber”.
Mr Kalanick was personally overseeing Uber’s growth in China and travelled there extensively, spending nearly one in five days in the country last year. He announced plans for Uber to expand to 50 cities, and then to 100.
However, Uber’s abrupt decision to sell its Chinese unit to its rival Didi Chuxing highlights the extremely costly battle that was raging behind the scenes. Both companies were pouring money into subsidies for drivers and riderspassengers to gain market share, with Uber spending more than $1bn annually.
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