A Wise Decision
Uber yesterday sold its China business to domestic rival Didi Chuxing and made a hasty exit from the communist country.
That was a wise decision, helping Uber cut its losses and focus on markets such as India that offering a “better level-playing field” than China.
Trailblazing foreign firms always lose out to Chinese companies that shamelessly steal their concept and leave the original innovators in tatters. The exit is a costly lesson for Uber, reported to have been losing $1 billion a year in China!
I fail to understand why Uber injected billions into China without a credible market study!
It’s time other MNCs pulled their investments out of China as not only will they lose their IPRs but also big bucks and leave their future in jeopardy.
I love Uber and its rival Grab in Singapore. They will continue to flourish given that they have emerged as a better and cheaper alternative to traditional taxi companies.
G Joslin Vethakumar