Uber burning through $1 billion a year to compete in China


Uber Technologies Inc is losing more than a billion dollars a year in China as it wages a fierce price war against local rival Didi Kuaidi, its chief executive said.   The company's Chinese business boosted its valuation last month to more than $8 billion after raising more than $1 billion in its latest funding round, but the U.

S. ride-hailing app is not yet profitable in mainland China because of the intense competition.   "We're profitable in the USA, but we're losing over $1 billion a year in China,".....

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