Uber's deal with Didi Chuxing looks like defeat, but it may be a shrewd move

After battling its Chinese rival for driver and rider loyalty, it appears that Uber has lost - but the deal is not quite that simple

Uber has sold its Chinese operations to rival Didi Chuxing, the country's biggest ride-hailing firm, signalling the end of a fierce price war waged between the two companies over the past two years.

Uber, last valued at around $68bn, lost an estimated $2bn fighting Didi Chuxing in China, giving out incentives for drivers and free rides in an attempt to compete for market share. Didi was doing the same, but had around 85% of the market share compared with Uber's 8%.