Home » Didi Chuxing begins its expansion into Latin America with the purchase of Brazilian 99
Didi Chuxing begins its expansion into Latin America with the purchase of Brazilian 99
Didi Chuxing, the Chinese shared transport company, has launched its expansion plan for Latin America with the purchase of 99, a Brazilian shared travel company with which Didi intends to increase its presence in the country.
The investment of the Chinese company has amounted to 900 million dollars and with it they intend to reach a level of integration that "will bring to the region more convenient value-added mobility services," said Chen Wei, founder and CEO of Didi, in a statement. He also stressed that the team of 99 has achieved success thanks to entrepreneurship and innovation in Brazil, so they have become the perfect partners of the Chinese company to start the expansion process in Latin America.
"Globalization is a top strategic priority for Didi," Chen Wei added, "and with further investments in artificial intelligence capabilities and intelligent transportation solutions, we will continue to advance the transformation of global transportation and automotive industries through international operations and partnerships."
For his part, the CEO of 99, Peter Fernandez, said they feel privileged to be part of the efforts to improve the transportation industry that impacts the lives of billions of people around the world, adding:
"We are confident that being part of Didi Chuxing will greatly improve our ability to expand our services throughout Brazil to provide critical value to users, drivers and cities.
Until now, Didi Chuxing has signed agreements with other transport companies such as Lyft and has managed to reach some 1,000 cities and has approximately 450 million users worldwide. Since the Chinese transport company began to expand, it has become one of the main competitors of Uber but ended up merging to create a large transport company in the Asian giant."
Apple put the spotlight on Didi in 2016, when it invested about 1,000 million dollars in the Chinese company, which is between 5 and 7% stakes.
The above article was written and published in Spanish and has been translated into English. Clickhere to read the original article.