Uber’s self-driving unit, Advanced Technologies Group (ATG), is being acquired by its start-up competitor Aurora Innovation, the companies announced Monday. From a report: The deal, expected to close in the first quarter of 2021, values ATG at approximately $4 billion. The unit was valued at $7.25 billion in Apr. 2019 when Softbank, Denso and Toyota took a stake. Uber CEO Dara…
Tag: Dara Khosrowshahi
Uber in Talks To Sell Air Taxi Business To Joby
Uber is in advanced talks to sell its Uber Elevate unit to Joby Aviation, Axios reported Wednesday, citing multiple sources. A deal could be announced later this month. From the report: Uber Elevate was formed to develop a network of self-driving air taxis, but to date has been most notable for its annual conference devoted to the nascent industry. The sale…
Uber and Lyft Will Push For More Laws Classifying Drivers as Independent Contractors
“Uber helped wage a $200 million war in California to keep drivers as contractors,” notes the Washington Post — successfully funding a ballot proposition that overrides a high-stakes 2019 law which insisted drivers be considered employees. “But now that the ballot measure has passed, the company says its work isn’t done…” The ride-hailing giant’s CEO said Thursday that Uber is looking…
Uber on the Hunt For Strategic Alternatives for Uber Elevate
Uber is seeking strategic alternatives for its Uber Elevate business, including strategic partnerships or a partial sale, Axios reported Friday, citing multiple sources. From the report: This reflects Uber CEO Dara Khosrowshahi’s obsession with achieving profitability, as evidenced by partial sales of Uber’s money-losing freight and self-driving units. Uber Elevate’s goal is to develop a network of self-driving taxis, with its…
How Uber Wasted $2.5 Billion on Self-Driving Cars
After five years and an investment of around $2.5 billion, Uber’s effort to build a self-driving car has produced this: a car that can’t drive more than half a mile without encountering a problem [Editor’s note: the link may be paywalled; alternative source]. From a report: “The car doesn’t drive well” and “struggles with simple routes and simple maneuvers,” said a…
Lossmaking Giant Uber, Hoping To Stay Around For Decades, Says It is Aiming For 100% Zero-Emission Transport by 2040
Uber has announced several new commitments, initiatives, and product expansions designed to address climate change. From a report: In a virtual press event this morning, Uber CEO Dara Khosrowshahi cited the positive impact that the global lockdown has had on the environment, with “blue skies replacing smog above city skylines” and many cities using the pandemic to “rethink their infrastructure.” However,…
Uber CEO On the Flight In California: ‘We Can’t Go Out and Hire 50,000 People Overnight’
In a podcast interview Wednesday, Uber CEO Dara Khosrowshahi rejected the notion his company is capable of employing all of its drivers in California, as a state judge has ordered it to do so [and comply with AB5, the state law that makes it more difficult for companies to use independent contractors]. The Verge reports: “We can’t go out and hire…
Uber CEO Says Its Service Will Probably Shut Down Temporarily in California if It’s Forced To Classify Drivers as Employees
Uber would likely shut down temporarily for several months if a court does not overturn a recent ruling requiring it to classify its drivers as full-time employees, CEO Dara Khosrowshahi said in an interview. From a report: “If the court doesn’t reconsider, then in California, it’s hard to believe we’ll be able to switch our model to full-time employment quickly,” Khosrowshahi…
California Judge Orders Uber and Lyft To Classify Drivers As Employees
A California judge ruled that Uber and Lyft must classify their drivers as employees in a stunning preliminary injunction issued Monday afternoon. The Verge reports: The injunction is stayed for 10 days, however, giving Uber and Lyft an opportunity to appeal the decision. Uber said it planned to file an immediate emergency appeal to block the ruling from going into effect….
Are Food Delivery Services Actually Losing Money?
Food delivery services like Grubhub should be thriving, especially during the pandemic. But they’re not, The Markup reports: In August 2019, analysts from the investment firm Cowen estimated that Uber Eats was losing $3.36 on every order and would continue to lose money on every order for the next five years. Uber CEO Dara Khosrowshahi acknowledged that Uber Eats is not…