LOS ANGELES — Having all but taken over the U.S. on-demand transportation market, Uber is now setting its sights on China.
In a letter to investors obtained by the Financial Times, Uber’s Chief Executive Travis Kalanick said China is now the top priority for the company’s global team, and the company plans to invest $1 billion this year in its operations in the region.
The figures detailed in the letter, which Uber has not yet verified, paint a picture of a booming business for the San Francisco company.
Uber reports making almost 1 million trips a day in its Chinese markets. The company also reports a remarkable growth rate in the region: After six months, the city of Chengdu was already 46 times larger (in terms of trips) than New York, which is Uber’s largest city outside of China.
“To put it frankly, China represents one of the largest untapped opportunities for Uber, potentially larger than the U.S.,” Kalanick wrote.
