13/5/2024, 6:59:02 pm

Temu cools on the US after shelling out billions

Temu, owned by Chinese e-commerce giant PDD Holdings, wants to limit risks and seek other sources of growth. One catalyst for the shift is TikTok’s troubles with the U.S. government, the people said. Temu is focusing more on acquiring users in Europe and other countries. As a result, it now expects less than a third of its sales to come from the U.S. this year, compared with 60% last year.