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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

Neera Tanden withdraws nomination for Office of Management and Budget director

Neera Tanden testifying before the Senate Budget Committee in Washington, D.C., in February 2021. Photo: Anna Moneymaker/The New York Times/Bloomberg via Getty Images

Neera Tanden withdrew her name from nomination to lead the Office of Management and Budget after several senators voiced opposition and concern about her qualifications and past combative tweets, President Biden announced Tuesday.

Why it matters: Tanden’s decision to pull her nomination marks Biden's first setback in filling out his Cabinet with a thin Democratic majority in the Senate.

What's ahead for the newest female CEOs

Jane Fraser (L) and Rosalind Brewer. Photos: Jason Redmond/AFP via Getty Images; Rodrigo Capote/Bloomberg via Getty Images.

The number of women at the helm of America’s biggest companies pales in comparison to men, but is newly growing — and their tasks are huge.

What's going on: Jane Fraser took over at Citigroup this week, the first woman to ever lead a major U.S. bank. Rosalind Brewer will take the reins at Walgreens in the coming weeks (March 15) — a company that's been run by white men for more than a century.

3 hours ago - Health

Biden says U.S. will have enough vaccines for 300 million adults by end of May

President Biden. Photo: Anna Moneymaker-Pool/Getty Images

President Biden on Tuesday said that ramped-up coronavirus vaccine production will provide enough doses for 300 million Americans by the end May.

Why it matters: That's two months sooner than Biden's previous promise of enough vaccines for all American adults by the end of July.