Uber, one of the greatest transport brands of our time, has this week put the brakes on their Uber Rent project; a rental car program for riders.
Partnering with Getaround for this venture, Uber permitted users to book and hire privately-owned cars as and when they needed them. Available in San Francisco through the app, the aim of the product was to reduce car ownership whilst expanding their portfolio of transport projects.
“We know you’ve relied on Uber Rent powered by Getaround, and apologize for the inconvenience this may cause you,” Uber wrote in a statement.
Though a slightly negative story surrounding the rental firm, all in all, it has been a great week for the brand.
The valuation
Earlier this week, Uber justified its $170 Billion valuation. Expected to file for IBO in 2019, the company has worked hard to arrive at such a price tag, having made many tweaks to the way they do business in the run-up to the floatation. From limiting driver incentives to cutting customer promotions, the brand has successfully made the Uber group more profitable.
Nelson Chai, Uber’s chief financial officer, said:
“We had another strong quarter for a business of our size and global scope.
“As we look ahead to an IPO and beyond, we are investing in future growth across our platform, including in food, freight, electric bikes and scooters, and high-potential markets in India and the Middle East where we continue to solidify our leadership position.”
Is the valuation of £90M too ambitious?
While $120M (£90M) is easy to say, this valuation would make Uber more than three times more valuable than Ford. When considering that the firm is yet to make a profit, could this valuation still be pretty ambitious? Let us know your thoughts by leaving your comments with us.
