Uber slashes New York prices as part of global competitive drive

In a bid to match local taxis, UberX, the cab company's cheapest service, has slashed its New York prices.

@wegotblankets
Published Tue, Jul 8 2014 10:09 AM CDT   |   Updated Tue, Nov 3 2020 12:15 PM CST

Smartphone cab app Uber is planning a fare cut to match the cheapest taxis in New York, the latest in a worldwide drive to match or undercut the traditional taxi competition.

Uber slashes New York prices as part of global competitive drive | TweakTown.com

UberX, the cheapest available service from the company, has had its price slashed by 20 percent, putting it on an even keel with New York's iconic yellow cabs. It follows cost cutting efforts in San Francisco and Boston. As a result, UberX drivers will be forced to accept lower fares, but the company insisted it could actually produce an upturn in revenues for workers. "What we've seen in cities across the country is that lower fares mean greater demand, lower pickup times and more trips per hour increasing earning potential and creating better economics for drivers," Uber said in a blog post. "What does what mean in the long run? They'll be making more than ever!"

Just last month, taxi drivers in London protested en masse in response to Uber - citing safety concerns and insisting the company's model was actually illegal. However, the British capital's transport authority just ruled in Uber's favor, leaving it free to operate in the city.

NEWS SOURCE:bbc.co.uk

Tamlin Magee is based in London. His name can be found around the web and in print, and he's mostly interested in the ways the rapid rate of technological development is affecting us and our surroundings.

Newsletter Subscription

Related Tags

Newsletter Subscription
Latest News
View More News
Latest Reviews
View More Reviews
Latest Articles
View More Articles