vested
Chinese ride-hailing giant Didi Chuxing loses ground at home under Beijing’s wrath, as rivals keep climbingDidi orders fell 4.6 per cent in March from the previous month, according to China’s transport ministry, and have fallen 29 per cent since last June
by Coco Feng
Cao Cao Mobility, backed by carmaker Geely, saw its orders jump 26.4 per cent.
Since its US$4.4 billion IPO, Didi’s order volume plummeted by 29 per cent through March.
Orders at T3, which is backed by state-owned companies, more than doubled.
Didi had 80.7 million monthly active users (MAUs) by the end of 2021, a 20 per cent year-on-year decline. Cao Cao and T3 had just 6.6 million and 11.5 million MAUs, respectively.
The company’s net losses widened to 49.3 billion yuan (US$7.7 billion) last year, three times its losses in 2020.
The firm reported total revenue of 40.8 billion yuan (US$6.4 billion) for the fourth quarter of 2021, a decline of 12.6 per cent compared with the same period a year prior.
Source: SCMP
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