Didi Chuxing, China’s answer to Uber, buys UberChina

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(credit: Didi Chuxing)

Uber and its primary Chinese on-demand car service rival, Didi Chuxing, have finally buried the hatchet in a landmark deal.

The California startup has been reportedly spending at least $1 billion per year to try to dominate the massive Chinese market, while Didi Chuxing has spent similar amounts of money trying to stave off its American rival.

According to a Monday press release, the Chinese startup will obtain “all assets of UberChina” for operation on the mainland. Earlier this year, Apple invested $1 billion in Didi Chuxing.

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