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Didi Boss Says Core Business Is Profitable As Pandemic Eases Across China

By Ding Yi / May 07, 2020 04:54 PM / Business & Tech

Photo: VCG

Photo: VCG

Didi Chuxing president Liu Qing has said that the company’s core ride-hailing business has turned a profit, marking a historic first for the Chinese firm.

Liu made the remarks during a recent interview with CNBC, as Didi’s various taxi and private-car services businesses recover from the fallout of the coronavirus pandemic.

“I can share with you the core business is profitable or (making) a small profit,” Liu said in the interview that aired on Thursday, without providing specific figures or explaining how the company had measured its profitability.

Liu told CNBC that Didi’s ride volume in China has reached 60% to 70% of pre-coronavirus levels and is five times higher than its February low, as the country has started lifting travel restrictions. Prior to the May 1 Labor Day holiday, Didi reopened all of its mobility services in Wuhan, the capital city of central China’s Hubei province, the previous epicenter for the coronavirus.

The Beijing-based company also operates in several overseas markets such as Australia and Japan.

Liu also told CNBC that Didi has no plans to cut jobs or raise capital. This is in contrast to Didi’s American rival Uber, which is reportedly mulling plans to lay off about 20% of its employees due to the coronavirus pandemic.

Contact reporter Ding Yi (yiding@caixin.com)

Related: Legend Capital Invests in Didi’s Bike-Sharing Business


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