Faced with massive losses in China, Uber is finally ready to take a backseat in the massive market, where it’s been soundly beaten by domestic ride-hailing service Didi Chuxing.

As reported by Bloomberg and confirmed later by other news outlets, Uber will merge its China business with Didi, creating an entity worth a combined $35 billion.

While this may herald the end of Uber’s direct efforts in China, the Bloomberg report noted that Uber will get 20 percent of the new combined entity, giving it a healthy stake in the rapidly growing Chinese ride-hailing market. Read more…

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Uber gets ready to take the backseat to competitors in China