Didi Chuxing secures $4bn to fund international expansion

Chinese ride-hailing firm Didi Chuxing has completed a funding round of “over $4bn”  (£3bn) from Chinese and international institutions. The company said it will use the money to fund international expansion, AI capacity-building, and new business initiatives, including the development of new energy vehicle service networks.

In a statement, the firm said it plans to scale up investments in AI talent and technologies, to further build up its intelligent driving and smart transportation capabilities, and to bring more innovative and diversified transportation services to broader communities around the world. “We will also embark on initiatives in building new energy vehicle service networks, as part of the company’s efforts to lead the transformation of automobile and transportation industries and work towards global energy interconnection,” it said.

The latest round of funding values the company at around $56bn. It dominates the ride-hailing market in China, and with the funds at its disposal, will be preparing to take on Uber and its rivals in other markets around the world