Latin America, long a safe haven for Uber, was the biggest weak spot in the mone...
) - highlighting how the Japanese conglomerate’s investments sometimes clash, especially in Latin America, where it has pledged to invest billions of dollars in a blossoming tech sector.
Didi also has a significant presence in Brazil, where it bought local ride-hailing company 99 last year and operates under that brand. But in Mexico, investors see a key test of Didi’s ability to build an international operation from scratch and Uber’s ability to defend its turf, said James Cordwell, a London-based analyst with Atlantic Equities.Didi said in a statement that it sees “tremendous opportunity for growth” in Latin America.
During the first three quarters of the year, Latin America was Uber’s worst performing region, although a weakening of the Brazilian real and economic weakness also hit results, Cordwell said. Now, Uber, long the premier destination in Mexico’s tech scene, has lost not just market share but also a steady stream of talent to companies such as Didi, Rappi and India’s Oyo Hotels and Homes, a SoftBank-backed hospitality startup, according to a review of LinkedIn profiles. Even Uber co-founder Travis Kalanick’s CloudKitchens startup has hired at least one former Uber executive in the region, people with knowledge of the matter say.
Yet Didi has also taken care to avoid a price war. Didi’s launch in the western city of Guadalajara was delayed, and when it finally occured, it enjoyed pent-up demand from both riders and drivers, according to two former employees. The company’s market share soared to well over 30% in less than a month, prompting Uber to counter with a generous promotion for drivers.
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Latin America slams Bolivian president’s resignationPresidents of South American states condemned what they called a coup against democratically elected President of Bolivia who resigned following protests that led the army pressure to do so, with Mexico offering asylum to President Morales.
Read more »
Resignation of Morales, last of 'pink tide,' polarizes Latin AmericaThe resignation of Bolivian President Evo Morales, the last serving member of th...
Read more »
How This Entertainment And Sports Attorney Is Bringing Diversity To Both IndustriesThis fall, Diverse Representation will be partnering with several HBCU's to begin building a pipeline for African-American students interested in pursuing careers as sports and entertainment agents, attorneys, managers, and publicists.
Read more »
Billionaires in politics: The top 25 Americans who funded politics in 2018Las Vegas Sands CEO Sheldon Adelson and his wife Miriam Adelson gave more money to political candidates than any other Americans in 2018.
Read more »
How did Bolivia end up in democratic crisis?Bolivia's President Evo Morales, Latin America's longest standing lead...
Read more »
How did Bolivia end up in democratic crisis?Bolivia's President Evo Morales, Latin America's longest standing lead...
Read more »