Uber is bleeding $1 billion a year in China as competition heats up with rival taxi app Didi Kuaidi.

“We’re profitable in the USA, but we’re losing over $1 billion a year in China,” Uber CEO Travis Kalanick told Canadian tech news site Betakit.

An Uber spokeswoman confirmed Kalanick’s comments to CNN, saying that strong profits in other countries are fueling its expansion abroad. Uber has “the sustainable financial strength to win in China in the long-term … while our largest competitor in China spends many multiples of what we do to buy up unprofitable market share,” she said.

http://money.cnn.com/2016/02/19/technology/uber-losing-1-billion-china/index.html