China’s Didi Chuxing raises another $4 billion to take on Uber

The Chinese ride-hailing giant has secured the additional funding, and with it now has a market cap of over $50 billion, the company has announced. The company says it will use the new funds “to support AI capacity-building, international expansion, and new business initiatives, including the development of new energy vehicle service networks.” As CNBC notes, Didi will begin expanding internationally next year with launches in Mexico and possibly Taiwan. As for who gave Didi the $4 billion, the company says it was a mix of Chinese and international investors, and Japan’s Softbank also told CNBC that it was one of the investors.