UBER UPDATE
UBER LAUNCHES LOCAL CAB IN VARIOUS TOWNS AND CITIES ACROSS ENGLAND
Uber has announced more launches for Local Cab across the country over the last month. Uber’s app will integrate with Autocab’s iGo network, which has the potential to connect passengers with 80,000 private hire and taxi drivers in the UK. On Tuesday 10 May: Corby Star Cars, Corby; Autocab Private Hire, Stoke-on- Trent; Direct Cars, North Tyneside and·Pratts Taxis, Durham went live. Anyone opening the Uber app in these areas could select the Local Cab option, alongside regular Uber-operated options UberX and UberXL. The arrival of Uber’s Local Cab in Corby follows previous launches, including nearby Northampton and Peterborough.
Earlier in May, there were launches for Local Cab in two new locations, Tamworth and Oswestry, and additional operators joining in the cities of Oxford and Manchester. Anyone opening the Uber app in Tamworth will now be passed to opera- tor Acorn Taxis. Meanwhile in Oswestry, Uber trips will be fulfilled by Oswestry Cars and all subsequent support will be provided by them. Uber also extended Local Cab in Oxford, enabling passengers to book trips via the Uber app with Her Ride, following on from a previous launch with 001 Taxis in June 2021. Intime Taxis, based in Levenshulme, is the latest operator to be able to fulfil
Local Cab trips in Manchester. Eleven different operators across Greater Manchester are now offering passen- gers the option to book a ride via Local Cab, including Street Cars, Cresta Cars and Kingsway Cars. Andrew Brem, General Manager at Uber UK, said: “We are thrilled to launch Local Cab in these towns and cities. Getting further operators on board in these areas is the natural next step. This will help maximise earnings opportunities for drivers while giving passengers more choice, meaning that everyone will benefit. “We’re looking forward to launching Local Cab in more UK towns and cities soon.”
UBER SUFFERS A $59 BILLION LOSS AS INVESTMENT VALUES IN ASIA PLUMMET
Uber, the ride-hailing and delivery company, has reported a $5.9 billion (£4.7 billion) loss, primarily due to its investments in other companies. BreaknLinks reports that the firm stated that practically all of the loss was due to the decline in investments in businesses such as China’s Didi and Southeast Asia’s Grab. Didi and Grab’s stock prices have plummeted since their initial public offerings in New York last year. Despite the setback, Uber’s CEO highlighted the company’s efforts in recovering from the impact of the pandemic. “Our results demonstrate just how much progress we’ve made navigating out of the pandemic and how the power of our platform is differentiating our business performance,” CEO Dara Khosrowshahi said. The firm said that the number of trips taken increased 18 per cent year over year in the three months to the end of
JUNE 2022
March, resulting in a 136 per cent increase in revenue. Uber’s first-quarter net loss increased to $5.9 billion from $108 million a year ago, owing to a $5.6 billion decline in holdings in other businesses, particu- larly Chinese ride-hailing operator Didi. Uber had sufficient cash on hand to hold onto those loss-making stakes and sell them later, Chief Financial Offi- cer Nelson Chai said. Uber sold its operations in China to Didi in 2016 in exchange for an 18 per cent share in the Beijing-based corporation. Didi’s market capitalisation in the United States has decreased by more than 80% since its $4.4 billion debuts on the New York Stock Exchange (NYSE) last summer. Within days of the listing, China’s inter- net regulator ordered online merchants to stop selling Didi’s app, alleging that it improperly acquired user data. In December, the company announced
plans to delist its shares from the NYSE and list them in Hong Kong. Didi confirmed this week that it is under investigation by the US Securities and Exchange Commission about its initial public offering. Uber sold its operations in South East Asia to Grab in 2018 for a 27.5 percent share in the Singapore-based company. Grab’s shares sank dramatically during their December debut on New York’s Nasdaq trading platform. Its stock market valuation has fallen over 75% since its first public offering, the largest ever by a southeast Asian company in the United States. Additionally, Uber owns a share in Indian food delivery company Zomato, which it acquired in 2020 in exchange for its Uber Eats operations in the country. Since having a spectacular stock market debut in July, Zomato’s shares have nearly halved in value.
75
Page 1 |
Page 2 |
Page 3 |
Page 4 |
Page 5 |
Page 6 |
Page 7 |
Page 8 |
Page 9 |
Page 10 |
Page 11 |
Page 12 |
Page 13 |
Page 14 |
Page 15 |
Page 16 |
Page 17 |
Page 18 |
Page 19 |
Page 20 |
Page 21 |
Page 22 |
Page 23 |
Page 24 |
Page 25 |
Page 26 |
Page 27 |
Page 28 |
Page 29 |
Page 30 |
Page 31 |
Page 32 |
Page 33 |
Page 34 |
Page 35 |
Page 36 |
Page 37 |
Page 38 |
Page 39 |
Page 40 |
Page 41 |
Page 42 |
Page 43 |
Page 44 |
Page 45 |
Page 46 |
Page 47 |
Page 48 |
Page 49 |
Page 50 |
Page 51 |
Page 52 |
Page 53 |
Page 54 |
Page 55 |
Page 56 |
Page 57 |
Page 58 |
Page 59 |
Page 60 |
Page 61 |
Page 62 |
Page 63 |
Page 64 |
Page 65 |
Page 66 |
Page 67 |
Page 68 |
Page 69 |
Page 70 |
Page 71 |
Page 72 |
Page 73 |
Page 74 |
Page 75 |
Page 76 |
Page 77 |
Page 78 |
Page 79 |
Page 80 |
Page 81 |
Page 82 |
Page 83 |
Page 84 |
Page 85 |
Page 86 |
Page 87 |
Page 88 |
Page 89 |
Page 90
