Didi nets hefty US$590 million loss in first half of 2018
Chinese ride-hailing giant experiences a sea of red ink amid yet another crisis over passenger safety
Didi Chuxing, the Chinese ride-hailing giant which remains gripped by an ongoing safety crisis, is reportedly experiencing a deterioration in the profit-loss column over the first half of 2018, The Paper reported.
According to financial data from Didi, losses in the first half of 2018 grew unexpectedly to 4.04 billion yuan (US$590 million), which is 61% more than the 2.5 billion yuan-loss in 2017.
Meanwhile, investment in passenger subsidies and driver incentives during the first half of the year accounted for 65% of the 18.1 billion in subsidies in 2017.
In addition, Didi has invested a total of 7.1 billion yuan in research and development, including other expenses such as payment and servers, totalling 3.7 billion yuan.
According to CNN, Didi Chuxing is reeling from the rape and killing of a female passenger. Although a Didi driver has confessed to the murder, it was the second such killing in just four months, CNN said.