Uber's CEO calls losing $1 billion a year in China 'sustainable'

Kim Kyung-Hoon/Reuters Ride hailing app company Uber is generating more than $1 billion in profit a year in its top 30 cities globally, and partly using that money to bankroll its expansion in China, Chief Executive Travis Kalanick said in an interview. The company said in February it was losing more than $1 billion a year in China's red-hot ride hailing market, where it is battling large local incumbents to win customers. Kalanick said China was the company's most intense market, but also a cru...