Uber commits $200 million to Uber Freight expansion in bet on trucking and Chicago – gpgmail


Uber Freight is establishing its headquarters in Chicago as part of Uber’s broader plan to invest more than $200 million annually in the region, including hiring hundreds of workers.

Uber said Monday it will hire 2,000 new employees in the region over the next three years, most of which will be dedicated to Uber Freight .

Uber Freight, which helps truck drivers connect with shipping companies, has become an important piece to Uber’s larger business strategy to generate revenue from all forms of transportation, including logistics for packages.

Since launching in May 2017, Uber Freight has grown from from limited regional operations in Texas to the rest of the continental U.S. and then to Europe.

Uber made Uber Freight a separate business unit in August 2018. Since then, the company has redesigned the app, adding new navigation features that make searching for and filtering loads easier to customize and more intuitive, as well as other features, including an updated map view and a search bar across the top of the screen.

It’s also made some key hires, one of which intimated the company’s global ambitions. The company hired Andrew Smith, one of Box’s early employees, to head up global sales at Uber Freight, and Bar Ifrach, formerly of Airbnb, to lead its marketplace team.

With signs of some success, Uber is doubling down on the trucking business.

Uber Freight has more than 400,000 drivers in its carrier network and 1,000-plus shippers as customers, including AB Inbev, Niagara Bottling and Land O’Lakes, according to the company. Uber Freight also has more than 50,000 carriers on the platform.

“I believe this makes Uber Freight  the biggest virtual fleet in the United States,” Lior Ron, head of Uber Freight, told gpgmail in a recent interview.

The company has been relatively quiet as it has scaled up, Ron said, noting that this announcement marks a turning point for Uber Freight.

“This is really a graduation moment for us and where we can share that because the business is doing so well we are doubling down on our investment,” he said.

The new Uber office located in The Old Main Post Office in the historic Chicago River area will serve as Uber Freight headquarters and its first engineering hub outside of San Francisco.

“Trucking represents an enormous opportunity for Uber, and this milestone is a testament to our long-term commitment to our Freight business,” Uber CEO Dara Khosrowshahi said in a statement. “Chicago is the heart of America’s transportation and logistics industry, and there is no better place to open our dedicated Freight HQ. Uber has long recognized the incredible history, innovation, and talent that Chicago has to offer, and we’re excited about the thousands of new jobs our Freight business will help bring as we become one of the city’s largest technology employers.”

As part of its new investments in the region, Uber is collaborating with the Chicago Cook Workforce Partnership (CCWP) to help with workplace diversity. Uber will start onboarding new employees in 2020 and will work with CCWP to develop a process for identifying potential candidates through their system.


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Uber has surveyed some drivers on small loans, suggesting financial products are coming – gpgmail


Back in June Uber went on a hiring spree in New York, hiring at least 100 fintech-oriented tech workers to ostensibly look at creating products to increase loyalty and engagement among users and drivers, including things like banking. Cue a flurry of speculation. It now looks like Uber is taking baby-steps towards building such a raft of products out, potentially by offering loans directly to drivers, according to a report from Recode/Vox.

The story is based on the emergence of an in-app survey which was sent to some drivers talking about a “new financial product” aimed at drivers “in a time of need.” The survey then went on to question drivers’ use of financing loans of $1,000 or less in the last three years. It asked “what amount are you most likely to request?” It then gave them options top pick from “Less than $100,” “Between $100 and $250,” “Between $250 and $500” and “More than $500.”

At this time there’s no indication of timing on a small loans product offering to drivers, and Uber has not publicly commented on the emergence of the survey’s existence.

However, Uber already has form in this space. It has offered cash advance programs to drivers in California and Michigan, although the company was criticised for what some called “pay-day loans”. It’s also offered leases on new cars to drivers in the past and currently offers a co-branded credit card with Visa and an Uber Cash digital wallet for riders.

Uber would not be alone in rolling out small cash loans to its workers, given given that large companies such as Walmart and others already offer lucrative payroll advances and loans to employees.

But the fact that it now has a very large FinTech team suggests this won’t the end of us hearing about Uber’s tentative moves into this space.


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Didi Chuxing to launch self-driving rides in Shanghai and expand them beyond China by 2021 – gpgmail


Didi Chuxing will begin picking up ride-hailing passengers with self-driving cars in Shanghai in just a few months, according to company CTO Zhang Bo (via Reuters). The plan is to roll out autonomous pick-ups in Shanghai first, starting in one district of the city, and then expand the program from there – finally culminating in the deployment of self-driving vehicles outside of China by 2021.

Like Uber’s autonomous test vehicles, Didi’s cars will be staffed with a human driver on board during the initial launch period, which awaits a few remaining licenses before it can actually begin serving human passengers. Self-driving rides will be free for customers, and Zhang said that more than 30 different vehicles will be offered for self-driving trips as part of the pilot.

After its initial pilot launch in Shanghai, Didi will look to expand its offerings to Beijing and Shenzhen as well, with hopes to be live in all three cities by 2020.

Didi is the largest ride-hailing company in China, and beat out an attempt by Uber to establish a presence in the market, resulting in Uber selling its Chinese business to Didi and exiting the market in 2016 (in exchange for a minority stake). We spoke to Didi’s CTO (who asked to be identified by as ‘Bob’ at the time, hence the lower-third in the video below) later that same year about why the company believes it has an advantage when it comes to data-driven technology development relative to Uber and other ride-hailing companies.

Aside from a general sense in the industry that autonomy is a likely, if not inevitable end goal for ride-hailing and other mobility services with a technological focus, Didi is also likely motivated by a need for drivers to meet demand – and drivers who can provide a safe and secure experience for passengers. The company revealed in July that it had proved over 300,000 drivers that didn’t meet up to its safety standards after overhauling those standards last year.

Earlier this month, Didi also announced that it was spinning out its autonomous driving unit as a separate company, with Zhang as CEO. It’ll look to develop tech for its own fleet, and work in partnership with automakers, including Toyota, in pursuit of commercializing and deploying autonomous driving.


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Uber lost more than $5B last quarter – gpgmail


Uber has disclosed earnings for the second time since becoming a public company, reporting revenues of $3.16 billion on losses of $5.2 billion for the second quarter of 2019.

Uber (NYSE: UBER) closed up more than 9% Thursday at $42.98 per share, just below its $45 IPO price, but took a nose dive more than 11% on the news.

$5.2 billion in net losses represents the company’s largest-ever quarterly loss. Revenue, for its part, is up only 14% year-over-year, igniting concerns over slower-than-ever growth. The company says a majority of 2Q losses are a result of stock-based compensation expenses for employees following its May IPO. Stock compensation aside, Uber still lost $1.3 billion, up 30% from Q1.

Analysts had expected losses per share of $3.12 versus Uber’s $4.72. As for revenue, analysts, per CNBC, had expected $3.36 billion, or an additional $200 million.

“While we will continue to invest aggressively in growth, we also want it to be healthy growth, and this quarter we made good progress in that direction,” Uber chief financial officer Nelson Chai said in the earnings document.

Uber’s had a rough few months since making the leap to the public markets after its overly-ambitious private market valuation failed to sway Wall Street. 

Uber, in attempt to slash costs and make operations more efficient, recently announced it was laying off one-third of its 1,200-person strong marketing department.

News of Uber’s piling losses comes one day after its key U.S. competitor, Lyft, beat on revenue with $867 million for the quarter on net losses of $644 million. That’s up from $505 million in revenue in Q2 2018 on losses of $179 million. Lyft closed up 3% Thursday at $62 per share. The company’s stock sunk in after-hours trading Wednesday, however, after it announced the IPO lockup period would end more than a month early.

As for Uber Eats, the company says its “monthly active platform consumers,” or MAPCs, grey 140% YoY. The company now works with 320,000 restaurants. As for revenue, that’s grown 72% to $595 million.

You can view the full Uber earnings report here.


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SoftBank-backed Fair taps three executives to lead vehicle subscription app expansion – gpgmail


Fair, the vehicle subscription startup backed by SoftBank, is loading its executive team with veterans in the tech, venture and automotive industries as it seeks to build out its Uber leasing program and expand beyond North America.

Fair.com today announced three key hires to lead the development of its car subscription app, financing department and leasing program with Uber.

Jay Trinidad, a former Google and Discovery Networks executive, is now chief product officer. Trinidad will direct the company’s app development and technology efforts. Former chief accounting officer of TrueCar John Pierantoni has been hired as senior vice president of finance and risk.

Pat Wilkison, general partner of venture firm Exponential Partners — an early investor in Fair — will run the startup’s Uber program.

The three hires are critical additions for the three-year-old startup as it tries to convince consumers to try its car-as-a-service platform over buying or leasing a vehicle from a traditional dealership or other online sales upstarts. The advantage for Fair, aside from the $1.5 billion treasure chest it has amassed — is the platform itself.

The company was founded by automotive, retail and banking executives, including Scott Painter, former founder and CEO of TrueCar, on the premise that today’s consumers, including those in the gig economy, want flexibility.

Fair has tweaked the traditional lease to give consumers more options. Users can subscribe to the program and switch vehicles through the term of their “lease.”

It’s a capital-intensive business model that requires the kind of experience that Painter believes these three executives can deliver.

The hires will help drive Fair’s aggressive efforts around payment, infrastructure and financial planning as it scales its flexible car ownership model internationally and tries to make a name for itself on the global stage.

“A critical part of our transformation effort is deepening our bench of talented executives to set us up for success now and into the future,” Painter said.

The three hires come on the heels of rapid growth, a critical acquisition and huge Series B funding round of $385 million led by SoftBank, with participation from Exponential Ventures, Munich Re Venture’s ERGO Fund, G Squared and CreditEase.

“After closing $385M in our Series B, it’s time to put that capital to work for us to buy cars and propel growth—with this new executive team providing us with important insights and leadership.” Painter said in a statement. “Jay will eliminate execution risk and bring in operational and strategic expertise, Pat is an investor-turned-employee crusader, while John is a world-class financial and accounting expert around whom we can build a sound subscription business and strong auto insurance division.”

Fair acquired in January 2018 the active leasing portfolio of Xchange Leasing, a service Uber first established in 2015 to lease new and nearly new vehicles to drivers who did not come to the service with their own cars.

That acquisition laid the foundation for what has become a big piece of Fair’s business today. Some 45% of Fair’s cars are used by Uber drivers today.

Fair also has aspirations to expand beyond the U.S., Trinidad told gpgmail in a recent interview. The company hasn’t publicly disclosed which countries it might go to first. Europe and Asia, particularly considering Trinidad’s long background in the region, would be the most likely markets for Fair.

In the next year, the company hopes to move into international markets and grow its workforce, which will likely mean moving into a bigger office, Trinidad said.

“I really think in a year’s time, at least in the markets we’re targeting such as Los Angeles and San Francisco, you’ll start to hear ‘Why not Fair a car instead of buying or leasing one?’ It will be a third option people consider.”


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Uber lays off 400 as cost-cutting efforts ramp up – gpgmail


Uber is laying off about one third of its 1,200-person strong marketing department in an effort to slash costs and make operations more efficient following its public debut and first quarter losses of $1 billion.

The layoffs were first reported by The New York Times.

About 400 people in Uber’s marketing department were laid off across its 75 offices globally, according to the company. Uber’s latest public global headcount was 24,494 global employees as of March 31, 2019.

Jill Hazelbaker, who leads marketing and public affairs at Uber, and CEO Dara Khosrowshahi told employees Monday that the marketing team would have a more centralized structure, according to an internal email viewed by gpgmail. 

The reorganized marketing team will be under the leadership of Mike Strickman, vice president of performance marketing, who joined from TripAdvisor a month ago, and another soon-to-be-hired head of global marketing. Strickman will oversee performance marketing, CRM and analytics, while the global marketing executive will manage the heads of product marketing, brand, Eats, B2B, research, planning and creative.

The layoffs are the latest cost-driven changes to occur at the company since it went public in May.

Many of Uber’s teams are “too big, which creates overlapping work, makes for unclear decision owners, and can lead to mediocre results,” Khosrowshahi said in an email sent to employees and shared with gpgmail. “As a company, we can do more to keep the bar high, and expect more of ourselves and each other.”

Khosrowshahi said the restructuring aims to put the marketing team, and the company, back on track.

“Today, there’s a general sense that while we’ve grown fast, we’ve slowed down. You can see it in Pulse Survey feedback and All Hands questions, and you can feel it in much of our day-to-day work. This happens naturally as companies get bigger, but it is something we need to address, and quickly,” he wrote.

Uber’s first quarterly earnings report as a publicly traded company gave a snapshot of a growing business with stunning operational losses. Uber’s revenue grew 20%, to $3.1 billion, compared to $2.5 billion in the same period last year. And its gross bookings rose 34%, to $14.6 billion, in the first quarter, with Uber Eats driving much of that growth.

But its loss from operations exploded 116%, to $1 billion, in the first quarter compared to the same year-ago period.

In June, chief operating officer Barney Harford  and chief marketing officer Rebecca Messina stepped down as part of an organizational shakeup put into motion just a month after the ride-hailing company went public.

At the time, Khosrowshahi explained in an email to employees that the changes were prompted by his decision to more directly control core parts of the business. Khosrowshahi told employees that he wants to be even more involved in the day-to-day operations of its biggest businesses, the core platform of Rides and Eats, and has decided they should report directly to him.


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