Apple investing $1B in Uber rival Didi Chuxing

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, USA TODAY12:41 a.m. EDT May 13, 2016

Apple is investing $1 billion in Didi Chuxing, Uber’s biggest ride-sharing competitor in China, the company announced.

The Beijing-based company, a one-stop mobile transportation platform formerly known as Didi Kuaidi, made the announcement Friday morning in China. The development is the latest in the intense competition being waged between Uber and Didi Chuxing in the world’s most populous country. Both companies are offering drivers and riders generous incentives to sign up for their services

“The endorsement from Apple is an enormous encouragement and inspiration for our four-year-old company,” Didi founder and CEO, said in a statement. “Didi will work hard with our drivers, riders and global partners, to make available to every citizen flexible and reliable mobility choices, and help cities solve transportation, environmental and employment challenges.”

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