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China Transport Minister Says Ride-Hailing Subsidies Competitively Unfair, Not Sustainable

Ron Burgundy

By Ron Burgundy,
in Tech News

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Ron Burgundy Omniscient Member

Ron Burgundy

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An open sign is seen at the office of taxi-hailing service Uber Inc during a driver recruitment event in Hong KongBEIJING (Reuters) - China's transport minister said on Monday that ride-hailing companies like Didi Kuaidi and U.S. firm Uber Technologies Inc [uBER.UL] subsidizing discounts and supplementing driver wages was competitively unfair and not sustainable. Those subsidies would not be sustainable in the long-term, said Yang Chuantang, speaking to reporters on the sidelines of China's annual parliamentary session. Companies like Didi Kuaidi and Uber are spending billions of dollars in heated competition, using investors' money to fund discounts for users and drivers on their apps. ...




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