this post was submitted on 21 Aug 2023
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I think that is only the first part of it. Uber invested a ton of money in autonomous vehicles. I think they were originally betting that they would undercut prices, bleed out competitors, and then be the only one who has the capital to deploy fleets of driverless vehicles.
We are still far from having driverless vehicles and I think investors are realizing that so Uber upped their prices and lowered their pay. There is nothing revolutionary about them. They implemented a good tracking system and the ability for drivers to more easily figure out which rides would be best. They do not have that advantage anymore since taxi companies now largely have the exact same tech but without the massive overhead that Uber has.
Um, on what planet does Uber have higher overhead than a taxi co, unless you're talking about debt service and maybe bandwidth? Uber doesn't own anything except tech infrastructure and IP.