Apple on Thursday announced that it has invested $1 billion in Chinese Uber competitor Didi Chuxing, reports Reuters. Speaking with the outlet, Tim Cook said the venture will help his company "better understand the critical Chinese market."
The move comes amidst slumping iPhone sales, which has driven Apple's stock price down to $90 per share, and other struggles in China. Last month, the State Administration shut down the iBooks Store and iTunes Movie sales in the country.