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Apple invests $1bn in Chinese taxi giant Didi Chuxing

Apple is to take a bite out of Chinese taxi firm Didi Chuxing, having invested $1bn in the car-hailing app.

With a bigger market share than Uber, the taxi service provides over 11 million rides each day, and is believed to be the biggest in the country with an 87 per cent monopoly on the space.

Uber has struggled to crack China, even in light of winning investment from Chinese search behemoth Baidu.

Apple chief executive Tim Cook told Reuters that the investment was made in the hope of helping the firm better understand Chinese consumers.

"We are making the investment for a number of strategic reasons, including a chance to learn more about certain segments of the China market," he said. "Of course, we believe it will deliver a strong return for our invested capital over time as well."

The announcement comes less than a month after Apple's latest earnings report revealed that the tech giant's 13-year growth streak had come to an end.

While it's not yet known how the two companies will work together, rumours have been swirling around for months that Apple has ambitions to build a driveless car.