HomeNewsUber’s stock price rises following deal to offer New York City taxi rides in app

Uber’s stock price rises following deal to offer New York City taxi rides in app

Hassan Maishera

The shares of Uber are up by more than 4% today following news that the company will offer New York City taxi rides on its app

Ride-hailing company Uber announced earlier today that it has reached an agreement to list New York City taxis on its app.

According to the report by CNBC earlier today, two taxi-hailing apps, operated by Curb and Creative Mobile Technologies, will integrate their software with Uber. The move will enable users to book taxi rides in the Uber app, the report added.

Guy Peterson, Uber’s director of business development, commented on this move, stating that it is a positive development for Uber. He said;

“This is a real win for drivers – no longer do they have to worry about finding a fare during off-peak times or getting a street hail back to Manhattan when in the outerboroughs. And this is a real win for riders who will now have access to thousands of yellow taxis in the Uber app.”

This latest development is a huge win for Uber as the company has faced fierce competition from traditional taxi services since it began operating in 2009. New York City is one of the leading cities globally and Uber’s victory could pave the way for further adoption in other major cities.

Uber’s CEO Dara Khosrowshah said the company is working hard to bring more taxi drivers to its platform. He said;

“I will tell you we wanna get every single taxi in the world onto our platform by 2025.”

The shares of Uber are up by 4% on Thursday following the news of its integration in New York. At press time, UBER is trading at $34.38 per share. 

The company’s stock has underperformed since the start of the year, losing more than 20% of its value during that period. Uber, alongside other ride-hailing companies like Lyft have seen the number of drivers on their platforms decline due to the Coronavirus pandemic.

Despite restrictions now lifted in various parts of the world, ride-hailing companies are finding it tough to get their drivers up to speed with the rising demand.