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Apple Invests $1 Billion in Chinese Ride-Hailing Service Didi Chuxing

Major Apple news this evening:

Apple Inc said on Thursday it has invested $1 billion in Chinese ride-hailing service Didi Chuxing, a move that Apple Chief Executive Tim Cook said would help the company better understand the critical Chinese market.
[…]
The investment gives Apple, which has hired dozens of automotive experts over the past year, a sizeable stake in Uber Technologies Inc's chief rival in China. Cook said in an interview that he sees opportunities for Apple and Didi Chuxing to collaborate in the future.

According to Apple, they're doing this to understand "certain segments of the China market". Didi Chuxing is similar to Uber – it offers taxi services and designated drivers through smartphone apps.

See also: yesterday's article by Neil Cybart on Apple's R&D spending and the rumored Titan car project.