Apple invests €89 million in Chinese Uber rival

In April, Apple saw its revenues fall for the first time since 2003 and China was marked out as a particular weak spot. The company has recently hit hurdles in China due to Chinese regulators shutting down the company's online book and movie services to implement strict rules governing what can be published online. Thus, the investment comes as Apple is trying to reinvigorate sales in China, its second-largest market.

“I see many opportunities for Apple and Didi Chuxing to work together in the future. This is a chance to learn more about the Chinese market,” Apple chief executive Tim Cook said.

US rival Uber has been struggling to break into the Chinese market, and only in February admitted it was losing close to a €1 billion a year in China.

Didi Chuxing, previously known as Didi Kuaidi, said that Apple’s investment was the single largest investment in its history.

The firm dominates the ride-sharing market in China providing more than 11 million rides a day. That means 87% of the Chinese market share.

Investors are lying in wait to see whether Apple will enter the automotive business after the ICT giant hired dozens of automotive experts over the past year. While sources say Apple is exploring building a self-driving car, Cook said the company remains focused on the in-car experience with its CarPlay system that links smartphones to vehicle infotainment systems.

“That is what we do today in the car business, so we will have to see what the future holds," he said.