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California Voters Approve Prop 22, Allowing Uber & Lyft Drivers to Remain as Independent Contractors

California Voters Approve Prop 22, Allowing Uber & Lyft Drivers to Remain as Independent Contractors

California ride-hailing providers Uber Technologies Inc. and Lyft Inc. will be able to keep their drivers as independent contractors in California as voters overwhelmingly approved Proposition 22, an amendment to the state’s Assembly Bill 5 (AB5) that passed last year. AB5 would otherwise have required that Uber and Lyft, as well as other app-based delivery companies, classify a majority of their drivers working over 40 hours each week on the platform as full-time employees in the state.

FutureCar Staff 2020-11-04 10:00 PT

Uber CEO Says the Company Might Suspend its California Operations if a Court’s Decision Forcing it Classify Drivers as Full-time Employees is Not Overturned

Uber CEO Says the Company Might Suspend its California Operations if a Court’s Decision Forcing it Classify Drivers as Full-time Employees is Not Overturned

Now that the ongoing pandemic has decimated Uber’s core ride-hailing business over the past few month’s and a California court has ordered Uber to reclassify most driver partners as full-time employees, Uber may temporarily suspending its ride-sharing service in the state. Uber CEO Dara Khosrowshahi said that Uber would likely shut down temporarily for several months if a court does not overturn its recent ruling.

Jeremy Carlton2020-08-12 10:45 PT

Uber Lays Off 3,700 Employees as it Struggles with a Sudden Loss of Revenue Due to the Coronavirus

Uber Lays Off 3,700 Employees as it Struggles with a Sudden Loss of Revenue Due to the Coronavirus

The economic fallout of the coronavirus pandemic continues to ripple throughout the transportation industry. Today, ride-hailing giant Uber Technologies Inc. announced the layoffs of nearly 4,000 employees as the company struggles with the sudden loss of revenue from its core ride-hailing business.

FutureCar Staff 2020-05-06 14:35 PT

General Motors Shutters its Peer-to-Peer Car-Sharing Unit Maven

General Motors Shutters its Peer-to-Peer Car-Sharing Unit Maven

General Motors has shuttered its car-sharing platform Maven, which allowed GM owners to share their vehicle as a short-term rental, earning a little extra income in the process. The automaker said it would transfer the Maven assets and resources to its Global Innovation group, which is GM’s incubator for new mobility ideas and technology.

Eric Walz2020-04-22 11:00 PT

Uber Shares Surge 37% After its CEO Says the Ride-Hailing Giant Has $10 Billion in Cash to Weather the Coronavirus Crisis

Uber Shares Surge 37% After its CEO Says the Ride-Hailing Giant Has $10 Billion in Cash to Weather the Coronavirus Crisis

Uber CEO Dara Khosrowshahi said the company has enough cash on hand to withstand the economic loss of the recent coronavirus outbreak.

Eric Walz2020-03-19 10:00 PT

Ride-Hailing Company Lyft Buys U.S. Digital Advertising Startup Halo Cars

Ride-Hailing Company Lyft Buys U.S. Digital Advertising Startup Halo Cars

Ride-hailing company Lyft has bought U.S.-based startup Halo Cars, which allows drivers to make money through digital advertisements displayed on top of their vehicles. Lyft confirmed the deal but did not comment on the financing of the deal.

FutureCar Staff 2020-02-21 19:00 PT

Uber is Testing a New Feature in California Allowing Some Drivers to Set Their Own Fares

Uber is Testing a New Feature in California Allowing Some Drivers to Set Their Own Fares

Uber announced on Tuesday its testing a feature that allows some drivers picking up passengers from airports in Santa Barbara, Palm Springs and Sacramento to charge up to five times the fare set by the company, Uber said.

Eric Walz2020-01-21 10:55 PT

Volvo’s Venture Capital Arm Invests in Silicon Valley VC Firm Autotech Ventures

Volvo’s Venture Capital Arm Invests in Silicon Valley VC Firm Autotech Ventures

Volvo Group Venture Capital AB announced an investment in Autotech Ventures, a Silicon Valley venture capital firm focused on start-ups in the transportation sector working on autonomous driving and other mobility technology.

Eric Walz2019-12-09 11:10 PT

Uber Reports $1.2 Billion Loss in Q3, CEO Says the Company Will Be Profitable by 2021

Uber Reports $1.2 Billion Loss in Q3, CEO Says the Company Will Be Profitable by 2021

Ride-hailing giant Uber Technologies Inc. reported a net loss of over $1 billion in the third quarter. While its not as bad as last quarter’s loss of $5.2 billion​, the company is still a long way from reaching profitability.

FutureCar Staff 2019-11-04 15:45 PT

Hyundai & Aptiv Form $4B Autonomous Driving Joint Venture

Hyundai & Aptiv Form $4B Autonomous Driving Joint Venture

​Hyundai Motor Group and automotive technology company Aptiv announced today that they will form an autonomous driving joint venture. The new joint venture is the latest partnership between an automaker and a tech company, as automakers race to develop self-driving vehicles and other mobility services.

Eric Walz2019-09-23 11:30 PT

Ride-Hailing Giant Uber Posts $5 Billion Loss as Growth Slows

Ride-Hailing Giant Uber Posts $5 Billion Loss as Growth Slows

Uber reported a Q2 loss of $5.2 billion on Thursday as growth of its core business slows. Uber reported that its revenue growth slowed to 14%, and the company’s core ride-hailing business grew revenue 2% to $2.3 billion.

FutureCar Staff 2019-08-08 15:10 PT

Uber Launches Electric Bike Service in London with JUMP

Uber Launches Electric Bike Service in London with JUMP

Uber customers in London will be able to rent an electric bike right from the Uber app. The ride-hailing company is running a pilot program making 350 e-bikes available to rent in the city.

Eric Walz2019-05-24 11:39 PT

Uber Off to a Rocky Start in Stock Market Debut as Stock Slips 7%

Uber Off to a Rocky Start in Stock Market Debut as Stock Slips 7%

Uber Technologies Inc's stock opened Friday down 6.7% in its first day of trading on the New York Stock Exchange. Uber’s listing today was the ninth-largest U.S. IPO of all time.

Eric Walz2019-05-10 12:12 PT

Lyft’s Falling Stock Price Ahead of Uber’s IPO Shows Investor Concerns About the Ride-Hailing Model Becoming Profitable

Lyft’s Falling Stock Price Ahead of Uber’s IPO Shows Investor Concerns About the Ride-Hailing Model Becoming Profitable

Ride-hailing giant Uber will list its shares tomorrow on the New York Stock Exchange in one of the most anticipated IPO’s in recent history. However, on the eve of Uber’s IPO, its chief rival Lyft is sitting on the sidelines as its stock falls to the lowest level since its own IPO in March.

Eric Walz2019-05-08 19:01 PT

Lyft Users Will Soon Be Able to Summon a Self-Driving Waymo Minivan in Arizona

Lyft Users Will Soon Be Able to Summon a Self-Driving Waymo Minivan in Arizona

Waymo CEO John Krafcik announced that Waymo’s self-driving minivans will be offered on the Lyft app. It’s the first time that Waymo is sharing its autonomous vehicle technology with a competing ride-hailing network.

FutureCar Staff 2019-05-07 15:07 PT

Uber Sets its IPO Terms, is Aiming for a Valuation up to $91.5 Billion

Uber Sets its IPO Terms, is Aiming for a Valuation up to $91.5 Billion

Ride-hailing company Uber Technologies Inc is aiming for a valuation of up to $91.5 billion in its initial public offering, potentially becoming one of the largest U.S. IPO’s since Chinese e-commerce giant Alibaba went public in 2014 and raised $25 billion.

FutureCar Staff 2019-04-26 13:36 PT

Why is Uber Importing 8,000 Electric Bikes From China?

Why is Uber Importing 8,000 Electric Bikes From China?

Uber is poised to for a major expansion and will begin offering more e-bike options directly from its app for riders in U.S. cities. Shipping records show that Uber imported about 8,000 e-bikes to the U.S. this month alone.

FutureCar Staff 2018-12-24 11:00 PT

Waymo’s Commerical Driverless Taxi Service Launches in Arizona

Waymo’s Commerical Driverless Taxi Service Launches in Arizona

Waymo made some history today by launching the first ever commercial driverless shuttle service in Arizona.The service is called Waymo One and riders can use the company’s smartphone app to summon a ride in one of Waymo’s driverless Chrysler Pacifica minivans.

Eric Walz2018-12-05 11:56 PT

Waymo to Launch its Driverless Car Service Next Month to Challenge Uber & Lyft

Waymo to Launch its Driverless Car Service Next Month to Challenge Uber & Lyft

Waymo is preparing to launch a commercial ride-hailing service in Arizona next month to rival Uber. For its new service, Waymo has plans to acquire up to 62,000 plug-in hybrid Pacifica minivans and 20,000 fully-electric Jaguar I-Pace SUVs to build out its commercial fleet over the next few years.

Eric Walz2018-11-13 16:55 PT

Ford, Uber & Lyft Sign Agreement to Share Data to Help Reduce Traffic in Cities

Ford, Uber & Lyft Sign Agreement to Share Data to Help Reduce Traffic in Cities

The Ford Motor Company and ride-hailing companies Uber and Lyft announced an unprecedented commitment to SharedStreets, a new data platform designed to make it easier for the private sector to work with cities by agreeing to share data that might help everyone get around cities more easily.

Eric Walz2018-09-26 12:20 PT

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