Uber Adding Taxi Partnership and Travel Among Other Things
Recently, market leader Uber Technologies has moved beyond services. According to Investor Day Deck 2022, Uber exists in 72 countries. It added Uber Eats to deliver groceries and then expanded it to include convenience, alcohol, diapers, and more. Currently, the company is planning to add a taxi partnership and travel among other things. Soon you will be able to call your own private party bus.
These additional features are designed to give Uber a way to proactively build a super app from a powerful position. They are probably just as defensive. If investors used to want quantity, they now want quality.
However, broad subsidies are no longer a winning strategy, as investors focus on collecting money rather than splashing it, and that discipline arises as costs rise. Labor laws, competition, and rising prices for vehicles and petrol pumps require ride-sharing drivers to receive more payments.
According to YipitData, the national average ride-hailing price in April was already nearly 39% higher than at the same time in 2019. Part of this is related to longer rides that consumers are currently doing. But even on a per-mile basis, pricing hiked over 27%.