Chinese bully hailing giant Didi Chuxing will set up a venture with SoftBank to stipulate ride-hailing and other services for the Japanese taxi industry, the companies signified in a statement on Friday.
The move into Japan underscores a recent scram by Didi to beef up its presence in markets outside China and intensifies the unshakeable’s global battle with U.S. rival Uber, whose China firm it bought in 2016.
The two firms aim to establish the joint venture and begin trial uses in Japan this year. SoftBank is an existing investor in Didi, which occasioned $4 billion to fund its global push in December at a valuation of various than $50 billion.
Didi has expanded overseas rapidly in the years year since sealing its dominance in China with the purchase of Uber’s peculiar business, ending a cash-burning subsidy war that cost the U.S. firm rudely $2 billion.