China’s Uber-Killer Didi Suffers $1.6 Billion Loss, Begins Complete Overhaul With 2,000 Layoffs

Didi Chuxing, the ride-hailing and transport service based in China, has outlined steps to commence a firm-wide layoff that is expected to affect 15% of its total workforce after suffering a reported $1.6 billion loss in 2018. Cheng Wei, Didi’s Chief Executive Officer, told management that the layoffs are necessary if the company is to remain profitable and ward off competition from some new entrants in the Chinese ride-hailing industry. Wei also reportedly confirmed that following the layoffs, Didi would ensure the improvement of its core mobility service, while ceasing operations in units that are considered to be “non-essential” to its

The post China’s Uber-Killer Didi Suffers $1.6 Billion Loss, Begins Complete Overhaul With 2,000 Layoffs appeared first on CCN

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