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Latin American Economy & Business - August 2018 (ISSN 1741-7430)

Region: Corporate Radar

Uber says Mexico investment US$500m: US ride-hailing company Uber Technologies said in July that it had invested more than US$500m in its Mexican operations since launching there in 2013. The figure included contributions to government mobility funds, “social responsibility projects”, and unspecified security spending. Analysts believe Mexico is particularly important to Uber since it is facing regulatory challenges in Europe and increased competition in the US and Asia. Chinese competitor Didi Chuxing Technology has begun operating in Toluca and says it shortly plans to offer its service in other Mexican cities. Mexico is currently Uber’s fourth-largest market when ranked by the number of rides taken, coming in behind the US, Brazil, and India. It is currently operating in 21 of Mexico’s 32 states, but will struggle to expand further because of tough regulatory conditions in the states where it is not yet present, a source in the Mexican subsidiary told Reuters news agency.

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