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China’s Top Ride-Hailing Company Raises $4bn in New Funding

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Didi Chuxing, China’s ride-hailing giant, has raised $4bn in new funds to help it expand internationally and develop its artificial intelligence (AI) technology and a new energy vehicle ecosystem, it announced today.

The company has already raised £13bn from investors such as Apple, Tencent and Alibaba. However, it is unknown who the investors were in this funding round. The company simply said that “Chinese and international institutions joined the latest funding round.”

According to sources, Softbank and Abu Mubadala Capital, an Abu Dhabi state fund, were among the investors.

Didi has already invested in AI in the past, even opening up an AI research lab in the US earlier on this year. It does however, remain a China-only business, although it’s expanded its network across the world through investments in companies that rival Uber, including India’s Ola and Europe’s Taxify. However, it has been reported that a physical expansion is likely soon.

Over 260,000 of the two million electric vehicles on China’s roads are on Didi’s platform. The company aims to reach one million electric vehicles by 2020.

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