Chinese Internet overlord Baidu is buying a major stake into everyone's favorite transportation network company, Uber.
According to CNBC, neither company stated how much the stake cost Baidu, nor how large the stake is. The tech company joins Google and Goldman Sachs in the big-name-investor group backing the TNC, which is currently valued at $40 billion.
As for what will happen as a result of this pairing, Baidu wants to help Uber gain a foothold into the Chinese car-hailing app market — expected to jump to 45 million users next year, from 18 million in 2013 — which is dominated by Alibaba's Kuaidi Dache and Tencent Holdings' Didi Dache. Uber CEO Travis Kalanick said his company would integrate with the Baidu Maps app, in the hope of helping users get to where they need to go.
The post Baidu Buys Major Stake In Uber appeared first on The Truth About Cars.
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