China minister warns ride-booking firms against subsidies
Beijing
CHINA'S Transport Minister Yang Chuantang warned online taxi-hailing companies on Monday against subsidies leading to "unfair" competition, as US giant Uber and homegrown rival Didi spend billions in their battle for market share.
Mr Yang did not name either firm and did not threaten specific sanctions, but Chinese authorities have issued huge fines in competition probes in the past, and his comments represent a warning shot to the upstart industry.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Transport & Logistics
Porsche posts Q1 profit drop on ramp-up costs
Air China orders homegrown C919s in challenge to jet duopoly
Huawei’s smart car tech offers automakers route to China sales
Sri Lanka to hand management of China-built airport to India, Russia companies
Tesla’s plan for affordable cars takes page from Detroit rivals
Toyota is investing US$1.4 billion to build another all-electric SUV in US