Chinese, US ride-hailing services form alliance

Ride-hailing services Didi Kuaidi of China and Lyft of the United States have agreed to link their apps in a move that steps up competitive pressure on rival Uber.

Didi Kuaidi invested $100 million in San Francisco-based Lyft under the agreement announced today.

The companies said customers from the United States and China will be able to use both companies' apps when traveling to the other country. They said travelers made more than 7.8 million trips between the two countries in 2014.

The tie-up would support Lyft's expansion in China, where Uber already operates. Didi Kuaidi says it serves some 200 million people in 360 Chinese cities.

The company says it accounts for 80% of China's private car service market and more than 90% of its taxi hailing service market.

"The global coverage partnership will improve users' international travel experience and boost each partner's global market impact," said the announcement.

The two companies said they also will collaborate in technology and product development.