Uber is losing more than $1 billion every year in China

It’s no secret that Uber is burning cash in China, the only question has been how much. The answer, per a recent interview with Uber CEO Travis Kalanick, is more than $1 billion a year. “We’re profitable in the USA, but we’re losing over $1 billion a year in China,” Kalanick said in a “fireside chat” in Vancouver, according to Betakit. “We have a fierce competitor that’s unprofitable in every city they exist in, but they’re buying up market share.” The fierce competitor that Kalanick is talking about is Didi Kuaidi, the no. 1 taxi and ride-hailing player in China. The funding war between Uber and Didi Kuaidi has escalated over the last few months. Didi Kuaidi is valued at $16.5 billion after securing $3 billion in September. Uber’s China unit closed its own series B round about a month ago, the size and valuation of which weren’t disclosed. “I wish the world wasn’t that way. I prefer building rather than fundraising,” Kalanick reportedly said at the fireside chat. “But if I don’t participate in the fundraising bonanza, I’ll get squeezed out by others buying market share.”