China’s Ride-Hailing Industry Collapses! 6.4 Million Drivers Jobless Overnight—Only Begging Left!

China’s Ride-Hailing Industry Collapses! 6.4 Million Drivers Jobless Overnight—Only Begging Left!

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In a sluggish economy, fewer people are choosing to take ride-hailing services, yet the number of registered ride-hailing drivers is increasing. According to China’s Ministry of Transport, by December 2020, there were 2.9 million ride-hailing driver licenses issued across the country. By December 2023, this number had reached almost 6.6 million, surpassing 6.5 million for the first time. In 2023 alone, almost 1.5 million new licenses were issued, indicating a 127.3% increase in ride-hailing drivers from 2020 to 2023.
However, the number of users has not grown as quickly. Didi’s annual report shows that as of March 31, 2023, there were 411 million active users in China’s travel market, with 19 million active drivers. In contrast, Didi’s prospectus from March 31, 2021, indicated 377 million active users and 13 million active drivers.
Comparing these figures, Didi’s active users increased by 9% over two years, while active drivers grew by 42.6%, which far outpaces user growth.

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