Cars

Uber Unit Launches Saudi Bus Service to Tap Into Religious Pilgrimages

Uber Unit Launches Saudi Bus Service to Tap Into Religious Pilgrimages

Layan Odeh and Matthew Martin, Bloomberg

The lines in transportation are beginning to blur as they have in hospitality. Disruptor Uber is dabbling in mass transport in Saudi Arabia with a new bus service carrying Muslims to Mecca.

5 days ago

Uber Inventor’s Stake Worth $3.7 Billion Ahead of IPO

Uber Inventor’s Stake Worth $3.7 Billion Ahead of IPO

Eric Newcomer, Bloomberg

Garrett Camp grew increasingly frustrated when yellow cabs wouldn't show up to give him a ride in San Francisco. Boom. An idea hit him. Today, that idea — Uber — starts trading as a public company, and Camp is all the richer.

1 week ago

SoftBank Is In for Long Haul With Massive Ridehailing Bet

SoftBank Is In for Long Haul With Massive Ridehailing Bet

Pavel Alpeyev, Bloomberg

SoftBank founder Masayoshi Son is a big believer in Uber, and the company's upcoming initial public offering will make him and his company richer. But it sounds like he's thinking about the more lucrative rewards further down the line.

2 weeks ago

Avis and Hertz Struggle to Find Path to Car Rental Profit

Avis and Hertz Struggle to Find Path to Car Rental Profit

Andrew Sheivachman, Skift

Business still isn't great for Hertz or Avis, but at least they aren't hurting as much anymore. The next few quarters will prove whether they can burst out of a multiyear slump or will continue to muddle forward.

2 weeks ago

Uber Didn’t Listen Enough to Cities, a Top European Exec Concedes

Uber Didn’t Listen Enough to Cities, a Top European Exec Concedes

Patrick Whyte, Skift

Uber has tried hard to change its image in recent years, but has it worked?

3 weeks ago

6 Uber IPO Roadshow Takeaways Every Travel Exec Needs to Know

6 Uber IPO Roadshow Takeaways Every Travel Exec Needs to Know

Dennis Schaal, Skift

Uber certainly isn't making a profit yet, which isn't the worst thing in the world, considering the mammoth market opportunity. Still, investors in its initial public offering should know it could take several years before that red ink turns black.

3 weeks ago

Uber Secures $1 Billion Funding for Self-Driving Unit Ahead of IPO

Uber Secures $1 Billion Funding for Self-Driving Unit Ahead of IPO

Eric Newcomer, Bloomberg

The autonomous-car unit is a very costly endeavor with Uber not making any profits. But the latest $1 billion investment helps Uber to go on its IPO roadshow with additional fuel.

1 month ago

Uber’s Airport Rides Still Small Part of Business, IPO Filing Reveals

Uber’s Airport Rides Still Small Part of Business, IPO Filing Reveals

Sean O'Neill, Skift

Expect new light on the importance of airport rides to the fortunes of Uber to prompt more airport authorities and ground transportation companies to pressure the company harder for various concessions.

1 month ago

Lyft Posts Big Gains in Public Debut As It Continues to Lose Money

Lyft Posts Big Gains in Public Debut As It Continues to Lose Money

Olivia Zaleski and Eric Newcomer, Bloomberg

Lyft lost $911 million on revenues of $2.2 billion last year. Yet its stock closed up more than 8 percent on the day of its IPO. What a world.

2 months ago

Uber Buys Middle East Rival Careem for $3.1 Billion

Uber Buys Middle East Rival Careem for $3.1 Billion

Eric Newcomer, Bloomberg

Aside from getting rid of a worthy competitor and making it family, the deal bolsters Uber’s position as a global player against rival Lyft as both head for a public listing.

2 months ago

Lyft’s Good Problem to Have: Its IPO Is Oversubscribed

Lyft’s Good Problem to Have: Its IPO Is Oversubscribed

Olivia Zaleski and Eric Newcomer, Bloomberg

Looks like Lyft's initial public offering is already oversubscribed. Investors are willing to overlook its significant losses and forget that strong demand ahead of an offering does not mean success in public markets. As Facebook has shown.

2 months ago

Lyft Expected to Reveal a $2 Billion IPO Plan Anytime Now

Lyft Expected to Reveal a $2 Billion IPO Plan Anytime Now

Olivia Zaleski and Eric Newcomer, Bloomberg

Lyft aims for a market valuation of $20 billion to $25 billion, which will make its offering the biggest from a technology upstart since Snap’s IPO two years ago.

2 months ago