Ride-hailing giant Uber has launched its much anticipated initial public offering filing. It has submitted the official S-1 form, revealing a lot of information about workings of the company. The CEO has written a letter to potential investors noting many opportunities for growth beyond the company’s core ride-hailing business that Uber has.
However, profitability remains a major issue for Uber, as is for its main rival Lyft. In February, Uber revealed that it had $3 billion in revenue in the last quarter of 2018, with a net loss of $865 million. The company has also warned in its S-1 filing that it might not be profitable in the near future. The document also anticipates one of the main issues that could seriously affect the company’s profits — classifying drivers as employees, rather than contractors.
Musk: Tesla “vastly ahead” on self-driving cars
Tesla is less than two years away from a fully self-driving vehicle, the company CEO Elon Musk said in an interview. Musk has maintained optimism on this topic, while other industry CEOs have been trying to dampen expectations about fully autonomous vehicles on public roads. Ford CEO Jim Hackett said the arrival of autonomous vehicles was overestimated, and despite the fact that his company plans to launch such vehicles in 2021, their application will be narrow.
Along with skepticism about general purpose launch of self-driving vehicles, some industry observers believe Tesla is actually behind its competition.
At the same time, Musk has announced that the company will be raising the price for its self-driving option, even though the feature is not currently functional.
Bird to launch in 50 European cities
Scooter-sharing company Bird will be launching its service in 50 European cities this spring. The company launched in Europe less than a year ago and currently operates in Paris, Brussels, Vienna, Zurich, and several other cities. The new announcement will increase the company’s European fleet size ten-fold.
Last month Bird layed off more than 4% of its workforce, as part of its annual performance review. Most of the dismissed employees were based in the US.