Uber to invest $1 billion in Chinese market push
Uber is set to invest over £700 million in a bid to expand in China, it has emerged.
Citing a recent email sent by Uber CEO Travis Kalanick to investors, the Financial Times says that it will pump CNY 7 billion (£728 million) into the Chinese branch of its business this year.
“Given our recent success in the region and substantial market share gains, we are planning to invest over 7 billion RMB (over 1 billion USD) in China in 2015 alone,” reads the email.
According to Kalanick’s message, the company’s Chinese operations have doubled in the last month, and Uber drivers are claimed to be making close to a million daily trips in the country.
It also provides details of Uber’s expansion plans. The firm wants to enter 50 Chinese cities over the coming year, all of which have populations exceeding five million people.
Currently, Uber caters to just 11 cities in the country, though it only launched in China in February 2014.
The company has been dogged by controversy for more than a year, with traditional taxi firms adamant that it should be regulated in the same way as normal cabs.
We’ve seen a number of anti-Uber protests on the streets of London, with cabbies blocking roads to bring attention to their campaign.
SEE ALSO: Why has Uber caused black cab protests?
It appears that its troubles may have followed it eastwards, with Chinese police visiting two of Uber’s offices over recent times, in order to “get some information.”