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Limousine operator Uber valued at €2.6 billion

Uber was launched in 2010, and has been marketed as an alternative taxi / limousine service. Simi...
Newstalk
Newstalk

11.57 23 Aug 2013


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Limousine operator Uber valued...

Limousine operator Uber valued at €2.6 billion

Newstalk
Newstalk

11.57 23 Aug 2013


Share this article


Uber was launched in 2010, and has been marketed as an alternative taxi / limousine service. Similar to Hailo, customers order a lift through the Uber mobile app, can keep track of their car’s progress and then pay via credit card.

Unlike Hailo - who allow licensed taxi drivers to sign up to the service, in exchange for a small percentage of fares - Uber operate their own fleet of cars, and look to provide a ‘luxury’ service compared to traditional taxis. Uber prices are therefore typically somewhere between 50-75% of typical taxi rates, with increased or ‘surge’ pricing during holidays or more extreme weather conditions. Uber also offers ‘ride-sharing’ or carpool facilities, allowing passengers to share journeys and its cost.

Having launched in San Francisco, Uber has expanded to many other US cities, as well as international locations such as London, Paris and Stockholm.

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Although the young company has enjoyed significant financial success - reinforced by the reported €260 million worth of shares sold during their most recent round of funding - it has also been at the centre of several controversies. Many local authorities have accused Uber of being an unregulated and unlicensed taxi operation, although several such accustations have subsequently been withdrawn.

Washington D.C. legalised such limousine service after the social media backlash that resulted when police impounded an Uber car during a crackdown on unregulated operations. The company has, however, continued to face legal hurdles in the city.

Last month, San Francisco taxi drivers protested over Uber’s operations in the city. According to one speaker, "illegal taxis and services must be stopped. We are highly regulated, trained, legally insured, and we drive regularly inspected vehicles — for a reason. Those unlicensed drivers are road bandits."

Uber has yet to launch their service in Dublin.

(Image: Uber)


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