China’s Didi Chuxing announced plans to make their first expansion across waters and bring their ride hailing service to Taiwan as they take on U.S. rival, Uber. The company has authorized a local franchise partner called LEDI Technology Co to conduct market research and explore community partnerships in Taiwan.
Investors in the company such as Apple, Alibaba Group Holding Ltd., and SoftBank Group Corp have made the ride hailing service valued at over $50 billion which makes it the second most valuable venture backed private firm following Uber. Didi has made other investments in Uber’s rivals such as Lyft, Grab, Ola, and Taxify. Plans to move outside of the Asia mainland and expand into Mexico is expected to take place next year.
“Together we hope to bring convenient, efficient and affordable ride services to the local community and create more income opportunities. There is no definitive timeline at this moment,” Didi said.