Uber is reportedly eyeing funding that would bring the company’s valuation to $70 billion US.
More news on Uber: the company is apparently interested in competing with couriers in the on-demand delivery space.
In several US cities, Uber is vaporizing the taxi industry. In NYC, for example, “total trips in the first half of 2015 were down 10% to 77 million, compared to same period last year”. Revenues from yellow cab fares have also declined. In month of July alone, there were 100,000 Uber trips in NYC daily, a four-fold increase compared to last summer. Karhoo, a startup that will be launching in January 2016, has raised $250 million in funding, and will be working with licensed taxi companies to give them a technological leg up in the competition against Uber. Taxi companies are in dire need for assistance: the relative value of taxi medallions has plummeted. In 2013, a NYC taxi medallion was worth an estimated $1.3 million. Today, online listings range from $600,000 to $900,000.
Uber is increasingly being perceived as a threat by auto manufacturers. According to a recently conducted survey, “22% of Uber users aged 18 to 64, who have used the service in the past 6 months, said they were delaying or holding off buying a new car for that very reason”. The survey findings “translate to approximately 3 to 4 million people who may hold off on buying a new car because of Uber”.