DiDi postpones expansion to Europe

Ride-hailing services company DiDi Chuxing has put its European plans on hold for at least a year. This was reported by the British newspaper The Telegraph. The company originally had planned to offer its services in several European cities of Germany, France and the UK. The report cites new privacy regulations by Chinese authorities as to the reason for the postponement of its expansion. Authorities are currently subjecting DiDi to a cybersecurity audit to ensure the secure storage of user data collected by the company. The South China Morning Post also cites requirements by Beijing to lower prices for ride-sharing services as the cause of Didi’s stalled expansion plans. Lower sales in China’s domestic market could derail expensive expansion plans in highly competitive foreign markets, analysts said. nib