Uber has settled its legal dispute with Alphabet’s self-driving vehicle company Waymo for $245 million. Waymo will be getting 0.34% stake in Uber. The deal also includes a clause that will ensure that Waymo’s confidential information isn’t included in Uber’s technology. Waymo was initially seeking at least $1 billion in damages.
In 2016 Waymo sued Uber over trade secrets, that allegedly one of its former employees has taken from the company and based on which he later started his own company Otto, acquired by Uber. The settlement comes as a big victory for the new Uber CEO, Dara Khosrowshahi.
Toyota invests $69M in Japanese Uber rival
Toyota has backed Japanese JapanTaxi — Uber’s main rival in Japan — with $69 million. Toyota is also an investor in Uber. JapanTaxi is owned by Ichiro Kawanabe, who also runs the country’s biggest taxi company Nihon Kotsu.
JapanTaxi also offers a fare calculator app if you took a taxi offline, and an app for booking rides for children. It claims to have 4 million downloads and 60,000 vehicles — one quarter of all taxis in Japan. Uber doesn’t provide information on its users in Japan, however says it accounts for less than 1% of Tokyo taxi market.
Ride-hailing accounted for 68% of business travel expense in 2017
A new report by Certify claims that ride-hailing accounted for 68% of the overall transaction volume in the land transportation category last year, led by Uber and Lyft, respectively with 56% and 12% of the total. Uber’s overall share of processed expenses has also grown from 6% of all expenses in 2016 to 9% in 2017.
Taxi numbers are still plummeting, from 11% in 2016 to 7% in 2017.
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