Uber promises 100% electric vehicles by 2040, commits $800 million to help drivers switch
By Tina Bellon Uber Technologies Inc on Tuesday said every vehicle on its global ride-hailing platform will be electric by 2040, and it vowed to contribute $800 million through 2025 to help drivers switch to battery-powered vehicles, including discounts for vehicles bought or leased from partner automakers. Uber, which as of early February said it […]
Uber offers $750 million junk bonds to help finance acquisition of Careem
Uber Technologies is selling junk bonds to help finance its acquisition of Careem in its first debt offering as a public company. The ride-sharing company is looking to issue $750 million of debt due in 2027, according to a statement Thursday. Proceeds will be used to help fund its $3.1 billion purchase of Careem, a […]
Ola, Uber not ‘strong factor’ in auto sector slowdown: Maruti Suzuki
NEW DELHI: Millennials opting for ride hailing services like Ola and Uber may not be that strong a factor for the current slowdown in auto sales and a detailed study is needed to arrive at any conclusion in the contrary, according to a top official of the country’s largest carmaker Maruti Suzuki India. Ownership pattern […]
Uber to buy Mideast rival Careem for $3.1 billion
DUBAI: Global ride-hailing service Uber will acquire its Middle East rival Careem for 3.1 billion, the two companies announced on Tuesday. “Careem and Uber are joining forces. We have reached an agreement in which Uber will acquire Careem for 3.1 billion,” a joint statement said. Under the deal, Careem will become a wholly owned subsidiary […]
Uber drivers may earn Rs 2,200 more monthly with new fare plan
NEW DELHI: Leading cab aggregator Uber India has claimed that its fuel price-linked fare mechanism will increase gross earnings of its drivers by Re 1 per km, which on a monthly basis will lead to a net additional earning of up to Rs 2,200 for an 8-hours driving. The announcement claim a day after it […]
CCI rejects allegations of price fixing against Ola, Uber
NEW DELHI: The Competition Commission of India (CCI) has rejected allegations of price fixing against app-based taxi service providers Ola and Uber, saying drivers acceding to “algorithmically determined prices” by the platforms did not amount to collusion between them. In a 13-page order, the CCI also dismissed complaints that Ola and Uber were imposing a […]