>> China's ride-hailing app Didi stepping on the accelerator Wednesday, as it plans to expand into Latin America, ramping up competition with Uber. Didi has agreed to purchase a controlling stake in 99, a ride sharing app in Brazil, placing a $1 billion valuation on the company, according to a Brazilian newspaper.
Didi believes a strong showing in its home turf is relatable to market conditions in Brazil, Latin America's biggest economy. 99 declined to confirm the report when contacted by Reuters. Didi has made no secret of plans to go beyond China to appeal to the growing number of Chinese customers who are traveling abroad.
An expansion into Mexico is in the works for 2018 as Didi looks to become a global alternative to the most recognizable brand on the road, Uber.