Uber was losing $1 billion a year in China
In an interview in February, Uber CEO Travis Kalanick said, "We’re profitable in the USA, but we’re losing over $1 billion a year in China." About local competition from Didi Chuxing, he added, "We have a fierce competitor that’s unprofitable in every city they exist in, but they’re buying up market share." Didi Chuxing acquired Uber's China business on Monday.