Apple invests $1 billion in China's Uber competitor to 'learn more about the market' - CNET

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How important is China to Apple? The company just invested $1 billion in Didi Chuxing, Uber's main rival in China, in part to better understand the country's market.

"We are making the investment for a number of strategic reasons, including a chance to lea more about certain segments of the China market," Apple CEO Tim Cook told Reuters. "Of course, we believe it will deliver a strong retu for our invested capital over time as well."

Though Uber has tried to compete, Didi Chuxing, formerly known as Didi Kuaidi, dominates the ride sharing industry in China. Worth around $25 billion, the company owns roughly 80 percent of the market in China.

Meanwhile Apple, who last year made $53 billion in net profit, is trying to bolster its position in the country, currently the world's biggest smartphone market.