Chinese ride-hailing company Didi Chuxing made a net loss of more than Rmb4bn ($580m) in the first half of the year, and is still paying billions of dollars annually in subsidies two years after winning an expensive battle with Uber.
The figures were disclosed in a letter last week to employees by chief executive Cheng Wei, which was leaked to domestic media. A person familiar with its contents confirmed the authenticity of the letter, which gives a glimpse into the financial state of the company after its purchase of Uber’s China operations in 2016.
The company has faced fierce criticism since two female passengers were murdered this year by Didi drivers.
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