Today, Uber is a global service operating in over 500 major cities worldwide. Since May 2017, more than five billion trips have been made with the service.
Despite Uber’s steady progress, growth dramatically slowed in 2018. Uber has been losing money each year as part of their interesting business plan to gain market share, banking on the hope that labor costs will eventually be minimized with the use of driverless cars. This could lend itself to one of the reasons why Uber recently began public trading, with venture capitalists hoping to recoup profits. A risky move as Uber stocks plummeted on the first day of Wall Street trading.
Over the years, Uber has continued to expand its range of services. As the business continued to expand, a ride sharing platform has been integrated within Uber as part of UberPool. In August 2014, Uber Eats was created as a food delivery program. Most recently, Uber Elevate (sometimes called Uber Air) was announced to bring modern travel to various cities and countries throughout the world.
Dallas and Los Angeles are the first cities chosen to offer Uber Air flights with demonstration flights planned in 2020 and a goal for commercial operations in 2023. Exploration into this new transportation system comes at an interesting time with large investment in space travel and Amazon’s Prime Air delivery service.
Kevin has been contributing to multiple news websites since 2015. He started his blog back in 2016 tackling technology and business tips. His passion towards journalism and sharing relevant information with global readers pushed his to take journalism major at Boston University. He is now a full-time contributor to Kev’s Best.