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China’s Didi Reportedly Lost a Staggering $1.6 Billion in 2018
Didi, a ride-hailing company in China, lost $1.6 billion in 2018 and is facing a multitude of challenges that will make reducing losses difficult in the upcoming years.
"According to the memo from founder and chief executive Cheng Wei, Didi had been operating in the red for six consecutive years and lost 4 billion yuan in the first half of 2018."
"The ride-booking app capped off 2018 with a bleak outlook after two female passengers were killed by their Didi drivers in separate instances, drawing ire of the government and triggered a nationwide backlash underpinned by a #DeleteDidi campaign that’s reminiscent of the #DeleteUber movement. Didi responded with a fold of security measures, including stricter identity checks on drivers and a major reorganization to place customer safety ahead of growth."
"Following Didi’s safety incidents, Chinese authorities hastened their pace to reinforce rules they had long laid out for the fledgeling industry, and some of the policies prove costly to uphold. For one, ride-booking drivers now need to obtain two licenses — one for the drivers themselves and the other for their vehicles to operate commercially. The new requirement discourages part-time drivers as the costs of owning a commercial vehicle outpace the returns of taking up the gig work."
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