Beleaguered cabbies the world over will have cause to celebrate this week, when their arch-nemesis Uber announces a shock retreat from its biggest market. The ride-hailing start-up is going to sell its business in China to local rival Didi Chuxing, according to Bloomberg sources.
It’s bitter blow to founder Travis Kalanick, who had pinned his firm’s future – and burned through a shed-load of investors’ money – on successfully competing in China, even going as far as spending a day a week there to grow the business.
Taxi drivers will enjoy more than schadenfreude, however. What this gives them is hope.