Chinese ride-hailing company, Didi Global, has reported a 19% YoY drop in 2022 revenue, primarily due to COVID-19 lockdowns and regulatory crackdowns. China’s strict COVID restrictions throughout 2021 undermined the nation’s economy, while Didi was also impacted by regulatory penalties and was delisted from the US. In the company’s annual report, it stated that its China mobility business swung to a loss in 2022 but saw rapid growth this year. In March, Didi’s daily transactions for China Mobility grew 42% YoY to an average of 28.2 million. Net loss attributable to Didi Global was 23.78 billion yuan in 2022, compared with 49.34 billion yuan the previous year.