Last month it was reported that Uber is experiencing huge losses in China ( approximately $ 1bn per year ) , however on Monday CEO Travis Kalanick confirmed that the company is able to use its profits from other markets to prop up Chinese losses and make them sustainable . Kalanick stated : “ If you took our top 30 cities first , today they ’re generating over $ 1 billion in profit a year , just our top 30 cities . And that profit multiplies every year because we ’re growing … So that helps us to sustainably invest in our Chinese efforts … Because of the profits we have globally , this is something we can do for the long run … ” However , it should also be noted that Kalanick remains optimistic regarding his Chinese position , also stating last week that he believes Uber ’s Chinese operation will see profits in just two years .
Last month it was reported that Uber is experiencing huge losses in China (approximately $1bn per year), however on Friday CEO Travis Kalanick confirmed that the company is able to use its profits from other markets to prop up Chinese losses and make them sustainable. Kalanick stated: “If you took our top 30 cities today, today they’re generating over $1 billion in profit a year, just our top 30 cities. And that profit multiplies every year because we’re growing…So that helps us to sustainably invest in our Chinese efforts … Because of the profits we have globally, this is something we can do for the long run…” However, it should also be noted that Kalanick remains optimistic regarding his Chinese position, also stating last week that he believes Uber’s Chinese operation will see profits in just two years.