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Ride-hailing Giant Uber Files for IPO, Says ‘May Never Make Profits’

According to market sources, the company may provide a price range for its shares later this month and would go public in May

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Uber, bengaluru
Photo shows an exterior view of the headquarters of Uber in San Francisco. (VOA)

Global ride-sharing major Uber has warned in its IPO filing that the company may never make profits as its operating expenses are likely to increase “significantly in the foreseeable future”.

The company filed for its Initial Public Offering (IPO) on Thursday and would be listed on the New York Stock Exchange (NYSE) under the symbol “UBER”.

“We have incurred significant losses since inception, including in the United States and other major markets. We expect our operating expenses to increase significantly in the foreseeable future, and we may not achieve profitability,” the company said in the “S-1” form or the IPO Prospectus submitted to the Securities and Exchanges Commission.

It further said that to remain competitive in certain markets, it has lowered the fares in the past and may continue to offer “significant driver incentives and consumer discounts and promotions”.

Uber app.

The decade-old company also warned that it may fail to develop and successfully commercialise autonomous vehicle technologies and expected that its competitors would develop such technologies before it.

“Such technologies may fail to perform as expected, or may be inferior to those developed by our competitors,” said the company in the IPO Prospectus.

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The company noted that as of December 31, 2018, it had 91 million or 9.1 crore monthly active platform users. There were 3.9 million or 39 lakh drivers on the platform by the end of 2018.

According to market sources, the company may provide a price range for its shares later this month and would go public in May. (IANS)

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Uber Announces Partnership with SUN Mobility to Deploy E-Autos in India

As part of the alliance, SUN Mobility will offer its unique energy infrastructure platform, which includes swappable smart batteries

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This partnership will be piloted across select cities in the coming months, Uber said. Pixabay

Ride-hailing giant Uber on Wednesday announced a partnership with SUN Mobility to deploy e-autos in India.

This partnership will be piloted across select cities in the coming months, Uber said.

As part of the alliance, SUN Mobility will offer its unique energy infrastructure platform, which includes swappable smart batteries and quick interchange stations to select original equipment manufacturers (OEMs) for building e-autos.

Fleet owners and Uber’s driver partners will benefit because they can buy vehicles without the battery to save money on initial acquisition costs.

Uber, SUN Mobility, E-Autos
Ride-hailing giant Uber on Wednesday announced a partnership with SUN Mobility to deploy e-autos in India. Flickr

They will receive charged, swappable batteries as a service by SUN Mobility, thereby helping bring the overall cost of e-autos in line with their internal combustion engine (ICE) counterpart.

“We are delighted to partner with SUN Mobility, an industry pioneer to try to usher in a wave of electric vehicles in the mass market category,” Pradeep Parameswaran, President Uber, India and South Asia, said in a statement.

“This is an important step forward in fulfilling our vision for creating a mobility ecosystem that is sustainable, provides cleaner air and helps build smarter cities across the region,” Parameswaran said.

SUN Mobility is a 50:50 joint venture between Maini Group and SUN Group, pioneers in areas of electric mobility and clean energy.

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The company was launched in April 2017 and is led by Chetan Maini, previously founder of Reva which was renamed Mahindra Electric, and Uday Khemka, Vice Chairman of SUN Group.

“Our mission is to give users a cost-effective and convenient energy infrastructure solution to accelerate the adoption of Evs,” said Maini, Co-Founder and Vice-Chairman of SUN Mobility.

“Partnering with Uber, the leading global player in personal mobility, will help create a wide EV landscape at scale, that will transform the way people commute,” Maini said. (IANS)