BEIJING, May 13 -- Apple on Friday announced an investment of 1 billion U.S. dollars in China's ride-hailing platform Didi Chuxing.

"We decided to make the investment for a number of strategic reasons, including the chance to learn more about certain segments of the China market; we see lots of opportunities for closer cooperation between the two companies; and we also believe it will deliver strong returns," Tim Cook, Apple's CEO, told Xinhua in a telephone interview.

Cook said the investment reflected Apple's excitement in Didi's fast-growing business and its continued confidence in China's long-run economy.

This is the single largest investment Didi has received, which makes Apple its strategic investor, Didi said in a statement.