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An Uber station outside a mall in China. Photo: Str/AFP via Getty Images

Uber is winning in multiple markets across the globe, but it isn't doing so without stiff competition. Didi Chuxing, a China-based ride-hail service with international reach, is right on Uber's heels after Uber sold its resources in Southeast Asia, reports Recode.

The big picture: Despite Didi being an investor in Uber, the two are increasingly facing off around the world as Didi expands its reach in new markets.

The details:

Uber is planning on going public in 2019, so it's still working on profitability. It's value will continue to grow as it moves forward.

Uber CEO Dara Khosrowshahi said last week at Recode's annual conference the company moved out of Southeast Asia, with the goal of strengthening itself in other markets in mind, as it moves toward increasing its profitability.

“India, Middle East, Africa, etc., we are going to be, I believe, the winning player in those markets and we’re going to control our own destiny,”
By the numbers:
  • The sale of Uber's Southeast Asian operation to Grab, a Singapore-based ride-hailing company, as well as another merger with Russian competitor Yander.Taxi led to an unusual profit of $2.5 billion on a GAAP basis in 2018 Q1 — though the company prefers to focus on its shrinking EBITDA (earnings before interest, taxes, depreciation, and amortization) loss.
  • Since the first quarter of 2017, the company has boosted its revenue by $1.4 billion.

However, Didi has strategically invested in other ride-hail companies (including Uber) in regions Uber is already in. Its focus is on continuing to move into big markets.

  • More recently, it's made investments in Brazil and Mexico both major markets in Latin America.
  • Mexico is Uber's third largest market, per Recode.
  • Didi has major stake in Asia where Uber still remains in some parts.

Go deeper

Australia joins U.S. in diplomatic boycott of Beijing Winter Olympics

Australian Prime Minister Scott Morrison. Photo: Darrian Traynor/Getty Images

Australia is joining the U.S. in a diplomatic boycott of the 2022 Beijing Winter Olympic Games in protest of human rights abuses committed by China's government, Prime Minister Scott Morrison said Wednesday.

Driving the news: After the Biden administration's announcement that U.S. officials won't attend the Games due to the ongoing genocide of Uighurs and other Muslim minorities in the Xinjiang region of China, Morrison said at a Sydney briefing that Australia would follow suit as "it's the right thing to do."

Progressives to file resolution to strip Boebert's committee seats

Rep. Lauren Boebert walking through the Senate side of the U.S. Capitol earlier this month. Photo: Drew Angerer/Getty Images

House progressives are planning to introduce a resolution on Wednesday to strip Rep. Lauren Boebert (R-Colo.) of her committee assignments, according to a Democratic aide familiar with the matter.

Why it matters: The move, which was first reported by the Washington Post, comes as progressives — anxious to see the right-wing firebrand face retribution for her recent comments — have grown frustrated by Democratic leadership's inaction on the issue.

Roger Stone won't cooperate with Jan. 6 panel

Longtime Trump confidante Roger Stone speaking in front of the Supreme Court on Jan. 5 in Washington, D.C. Photo: Tasos Katopodis/Getty Images

Longtime Trump confidante Roger Stone won't cooperate with the House select committee investigating the Jan. 6 Capitol riot and will invoke the Fifth Amendment right not to testify, his attorney said Tuesday evening.

Why it matters: The announcement, first reported by ABC News, came hours after former White House chief of staff Mark Meadows said he wouldn't cooperate with the probe.