Uber Technologies

Uber, a company providing peer-to-peer shared car rides through a smartphone app, was founded by Travis Kalanick and Garrett Camp in San Francisco, California, in March 2009. Within four years, by June 2014, Uber was operating in 130 cities, garnering $2 billion in net revenue, and was valued at $18.2 billion. With these impressive statistics came an aggressive international expansion plan. Traditional transportation methods such as taxis and other convention- al pick-up services, including Express Shuttle, were quickly being overtaken by this innovative car hire transportation service.1
As Uber pursued multiple international markets, the ride-sharing company quickly encountered a multitude of lawsuits, competitors, and idiosyncrasies of local transportation markets. As of 2015, Uber was engaged in 173 lawsuits within the United States alone, as well as a litany of foreign government backlashes including raids in the Netherlands, a criminal trial of two top executives in France, proposed new regulations in London and Toronto, and an all-out ban of all services in Rio de Janeiro.2 Many of these lawsuits and outcries were attributed to illegal actions by Uber-employed drivers, such as sexual assault, theft, and even murder, casting a neg- ative light on the overall image of the innovative company.3 Furthermore, Lyft, a new entrant in 2012, had successfully muscled its way into a position of 20 percent market share.4 By branding itself as a more community-oriented and friendly alternative to Uber, Lyft made a more trust- worthy impression on the international community, even partnering with Chinese powerhouse corporations Alibaba and Tencent to produce the China-operated Didi Kuai to compete directly with Uber in China.5
In spite of the competition, in early 2016, the popular ride-sharing app had close to 8 million users in 58 countries and more than 300 cities worldwide. Speaking at a private event in Vancouver, British Columbia, in early 2016, Travis Kalanick, Uber CEO, made a solemn admission. Because of fierce competition in the Chinese market, he announced, Uber suffered losses of more than $1 billion in 2015.6 This severe loss underscored the daunting task the company faced in overcoming its tarnished image and responding to increased competition. While Kalanick remained hopeful, by 2017, the ride-sharing company faced new challenges to secure its position and its future (see Exhibits 1 and 2 for select financial information).

Uber Company Background

While attending the LeWeb conference in Paris, France, old-time friends Travis Kalanick and Garrett Camp stumbled upon the idea for Uber.7 Travis had recently sold his company Red Swoosh to Takamai Technologies for $19 million, and Garrett had sold his company StumbleUpon to eBay for $75 million and was doing “hard time” at a big company.8 During the conference, these two friends engaged in a pleasant conversation regarding the many inconveniences in life, the most poignant of which was waiting for a taxi in the rain in San Francisco, unable to waive down a vacant one. The entrepreneurs immediately began to brainstorm solutions to this problem. They quickly became convinced that the transportation industry was long over- due for an innovative makeover. Although the details remained clouded, it was clear that the solution needed to be fast and mobile.
C-192

EXHIBIT 1 Key Financials—Uber, 2014–2016 [$ million]66
1st Half of 2014 1st Half of 2015 1st Half of 2016
Net Revenue 247 663 2060
Total Cash 980 4150 ~8000
Gross Bookings 1470 3630 8800

EXHIBIT 2 Selected Costs—Uber, 2014–2015 [$ million]67
1st Half of 2014 1st Half of 2015
Sales & Marketing 123 295
Research and Development (R&D) 32.95 94.7
General and Administrative 58.85 178.7
Operations and Support 79.95 159.1
Promotions and Price Cuts 28.65 72.0
Driver Incentives 43.3 130.1

Following the conference, Garrett spearheaded production of the idea, working earnestly to figure out what an iPhone app might look like and taking the name UberCab for the project. Despite sizeable progress, UberCab remained a side project for Garrett, who had again become CEO of StumbleUpon following its spinoff by eBay. This required Kalanick to ramp up his involvement. Taking the role of UberCab’s chief incubator, Travis was to run the company temporarily, get the product to prototype, and see Uber through its San Francisco launch. In January 2010, after $200,000 in seed funding and months of development, UberCab performed its first test run. With three cars cruising the Union Square, Chelsea, and Soho areas, UberCab had officially begun. With only the push of a few buttons, customers could download the Uber app to their phones, submit general personal and credit card information, and “order an Uber” from any location. Each ride required a pickup and drop-off address and in turn provided an estimate of the cost of a customer’s trip; all payments were handled through the app. No cash or even tips were exchanged between the driver and the customer during the ride.
By the end of March, and with an expanded core team that included Oscar Salazar and Ryan Graves, Uber had successfully performed a beta launch in San Francisco, garnering enough interest to generate $1.25 million in additional funding. By the end of 2011, Uber had raised
$44.5 million in funding. That same year, the company changed its name from UberCab to Uber. In May 2011, Uber commenced its aggressive expansion plans, opening in New York, Chicago, and Washington, D.C. (see Exhibit 3, Uber rides by city over time). The company continued to expand in smaller US cities, as well as overseas markets throughout 2012–2013, building a presence in European cities, including Paris and London, as well as Toronto, Canada, and Sydney, Australia, and later moving into the Asian cities of Seoul, South Korea, Beijing, China, and New Delhi, India. In India, Uber launched a new pricing option known as UberX, a lower-cost alternative in which the passenger was picked up by a driver in a typically modest sedan.9 Uber also expanded to less-developed countries, including Mexico, Pakistan, and Nigeria. In June 2014, Uber was valued at more than $18.4 billion. Less than a year later, in May 2015, the company announced that it planned to raise roughly $2 billion in funding, which
would skyrocket the valuation to more than $50 billion.10
With its aggressive international expansion tactics cutting into domestic taxi markets, some regions pushed back on Uber. Spain, two cities in India, Berlin, Milan, Sao Paulo, and other cities banned the service.11 Taxicab drivers all over the world called for a ban against Uber in their cities as well, in some cases organizing large-scale protests and even bringing lawsuits against the company.12

20,000

15,000

10,000

5,000

0

0 10 20 30
Months Since UberX Launched
EXHIBIT 3 Uber Rides by City over Time68
Note: Figure reports the number of U.S. UberBLACK and UberX driver-partners making at least 1 trip in the specified month, indexed to the number of months since Uber began in the city or June 2012, whichever came later.
Source: From Jonathan V. Hall, Alan B. Krueger, “An Analysis of the Labor Market for Uber’s Driver-Partners in the United States”, Copyright 2018. Reproduced with permission of Sage Publishers.

History of the Sharing Economy
The success of Uber was part of the rise of what had been dubbed the “sharing economy,” the concept that each person possesses unemployed resources that can be rented to peers through a coordination mechanism, such as a smartphone app. With the technological boom came a massive drop in coordination costs, which made the possibility of sharing or renting personal assets an increasingly convenient reality. In addition to cars, the sharing economy promoted a wide variety of asset sharing, including homes, washing machines, office space, surfboards, loft storage, boats, lawn mowers, and even cocktail dresses.13
The sharing economy had grown at an astonishing rate. Airbnb, founded in 2008, totaled 155 million guest stays by 2014, whereas Hilton Worldwide, founded in 1919, reached only 127 million total guest stays by the same year.14 Projections by PricewaterhouseCoopers (PwC) showed that global revenues from the top sharing economy sectors could jump from $15 billion in 2016 to $335 billion by 2025.15
Beyond Airbnb, which offered more than 250,000 rooms in more than 30,000 cities in 192 countries, many other firms in the sharing economy had extensive offerings.16 Within retail sharing, Yerdle was an app designed to enable people to give away their “stuff” for credits on the app, which could then be used to buy other peoples’ “stuff.”17 Similarly, Posh- mark promoted the exchange of unwanted clothing, essentially allowing users to shop other users’ closets.18

While these companies were expected to achieve high growth rates in the next ten years, many complications arose for firms in the sharing economy. In a survey of end customers who had tried the sharing economy, 57 percent agreed that they were intrigued about the idea but held reservations and concerns about some of the companies; 72 percent believed that the sharing economy experience was not “consistent”; 69 percent refused to use sharing economy companies until they were given a positive recommendation by a trusted acquaintance.19 Richard Steinberg, CEO of DriveNow at BMW, summed up the largest problem facing sharing economy firms: “The biggest challenge all of us have in the shared economy is insurance. And insurance—whether it’s your house, your car, your driver—is really a fragmented market. [Insurance companies] don’t know how to deal with people occasionally using their asset. There are major issues around people who don’t understand the risks they’re taking on. So this is a real area for attention by the insurers—making sure that people know what they’re doing in terms of the risks they’re taking if they list their asset or use someone else’s asset in the sharing economy.”20 Within the sharing economy market, there had been cases of extreme damage to goods and crimes.

Competition
Lyft
While Uber opened the frontier for global organized car sharing, with relatively low barriers to entry, competitors such as San Francisco–based Lyft and Chinese company Didi Chuxing (for- merly Didi Kuaidi), soon entered the market.
Lyft was launched in June 2012 by Logan Green and John Zimmer as a service of Zimride, a ride-sharing company the two founded in 2007 that focused on longer, city-to-city trips. Lyft, targeted more toward shorter trips, is an app that connects passengers to drivers. Exactly like Uber, Lyft drivers and passengers both rate each other after a ride, which gives credence to both drivers and passengers for future “lyfts” (see Exhibit 4 for feature comparison).21
In July 2013, Lyft sold Zimride to Enterprise Holdings to focus exclusively on the growth of Lyft.22 Since 2012, Lyft had raised more than $1 billion from high-profile investors such as Alibaba, Rakuten Inc., Coatue, and Andreessen Horowitz, bringing the company valuation to about $2.5 billion.23 On January 4, 2016, Lyft announced a partnership with General Motors to achieve a common goal of accelerating their share in the ride-sharing market.24
In order to establish greater trust between passengers and drivers, Lyft implemented several screening processes to ensure the safety and positive experience of their users. All drivers were meticulously screened through a seven-year background check as well as personal interviews with Lyft personnel. Potential drivers were required to hold a driver’s license for at least a year and were expected to adhere to Lyft’s stringent zero drug or alcohol policies. After they were hired, drivers were eligible for a $1 million commercial liability insurance policy that could be maintained only by earning excellent ratings from passengers. These insurance benefits were meant to incentivize greater quality of service and discourage unprofessional and inappropriate behavior on the part of the driver (see Exhibit 5 for key differences between Uber and Lyft).25

EXHIBIT 4 Feature Comparison69
Uber Lyft Curb (App for Taxis) Didi Chuxing
Mobile App Payment Yes Yes Yes Yes
Split Fares Yes Yes Yes Yes
No Tip Soliciting Yes Yes No No
Luxury Options Yes Yes No Yes

EXHIBIT 5 Key Differences—Uber & Lyft70
Uber Lyft
Avg. Wait Time 4:16 4:10
% Using Competitor 11.09% 71.35%
Avg. Cost per Mile $3.20 $4.20
Cities Serviced 184 224
Service Types (#) 5 3
Sidecar
Founded in 2011, Sidecar not only provided ride-sharing services, but also B2B (business to business) delivery services.26 It had reached more than $10 million in funding and was backed by both Google Ventures and Lightspeed Venture Partners. But after facing legal challenges as well as intense competition from Lyft and Uber, Sidecar moved away from its ride-sharing services toward deliveries. By December 29, 2015, Sidecar had lost its battle in the industry and announced that it would be shutting down. The next month, General Motors acquired its assets and intellectual property following its $500 million investment in Lyft.

Didi Chuxing
Home to one-sixth of the world’s population, China was an enormous country with enormous taxi service potential.27 While Uber wasted no time jumping into this market, local competitors, with their “home court advantage,” quickly surpassed Uber’s growth. The most formidable competitor in the Chinese market was Didi Chuxing (Chinese: 滴滴出行), which also launched in June 2012. Didi Chuxing was the most recent merger between Didi Dache and Kuaidi Dache.28 Translated directly into English as “drop-drop commuting,” Didi Chuxing was Alibaba and Tencent’s app-based taxi hiring firm. After just three years, in November 2015, Didi Chuxing was reported to own 83 percent of the market for car hire services in China, with its largest number of app-taxi-hire users.29 The service also claimed 90 percent market share within Beijing, with more than 1 million ride requests per day.30 Executives announced in January 2016 that the app had provided more than 1.43 billion rides during 2015.31 Didi Chuxing was valued at $20 billion in February of 2016, having raised more than $5 billion in funding.32
Compared to Uber, Didi Chuxing offered a wider variety of options, including traditional taxi-hailing, carpooling, two tiers of private car services, driver services, and even private bus services. Uber, however, offered more diverse payment options in China, including Alipay (only for Chinese residents), Baidu Wallet, and Visa or MasterCard, while Didi Chuxing accepted only cash, Alipay (for both locals and foreigners), and WeChat Payment.
In September 2015, Didi Chuxing announced a partnership with Lyft, having invested $100 mil- lion to assist the two companies in taking on Uber. Concerning the investment, Lyft president John Zimmer called the deal “our first step toward global coverage.” It was expected that by May 2016, Lyft users would be able to summon rides through Didi Chuxing’s service network, delivering yet another painful blow to Uber’s presence in China. Though Zimmer declined to reveal the details of the partnership, it was apparent that Didi and Lyft investors were willing to place money wherever it hurt Uber the most. Tencent, one of Didi’s largest investors, had reportedly blocked Uber from its popular messaging app called “WeChat,” which held 697 million user accounts in support of both Lyft and Didi Chuxing. As a result, Uber had been losing roughly $1 billion per year in the market.
In August 2016, Uber finally waved the white flag of defeat. In a stark signal of how diffi- cult it is for American companies to thrive in China, Uber China sold itself to Didi Chuxing, its fiercest China competitor. Uber China, valued at $7 billion, and Didi Chuxing,33 valued at $28 bil- lion, combined to form a new company with an approximate valuation of the two smaller firms together; Uber shareholders would receive a 20 percent stake in the new firm. With this deal, Uber joined the ranks of American peers such as eBay and Google, who also had been unsuccessful in establishing and capitalizing on early footholds in China (see Exhibit 6 for capital raised among ride–sharing companies).34

Capital Raised (millions)

Ride Sharing Company Total Capital Raised Investor Company Value
Didi $7,400 Apple, Alibaba, Softbank, & Others $28,00071
Uber $8,710 Saudi Arabian Sovereign Fund, Goldman Sachs, Jeff Bezos $68,00072
Lyft $2,010 GM, Alibaba, Didi Chuxing $5,50073
Ola $1,230 Didi, Tiger Global Management $5,00074
Grabtaxi $1,430 Didi & CIC $1,80075

The Taxicab Industry
Since the early twentieth century, taxicabs had been escorting city-dwellers from one place to another. Despite dramatic and consistent technological developments during this time, the taxicab industry had remained a potent and prevalent force within the transportation industry, both on the domestic and international playing fields. The average city-dweller in New York and London spent an average of $238 on taxis annually, resulting in an $11 billion industry.35,36 With 239,900 drivers nationally, the industry maintained a consistent growth of 3.2 percent from 2009 to 2014.37
Despite constant growth up to 2014, Uber’s business model was expected to deal a heavy blow to the taxicab industry (see Exhibit 7 for proportion of business car expenses). Further debilitating the industry was the expensive medallion system to which taxicabs adhered. This medallion system was implemented in 1937 with the intent to control the quality and quantity of taxicabs, help ensure fair wages, and allow the drivers to legally transport passengers. While implemented with good intent, ride-sharing technology had brought the system under severe scrutiny, especially considering that the cost of procurement of a medallion ranged from $250,000 each in cities like San Francisco to $1,050,000 in New York. Given this kind of investment, owners had little flexibility in adapting to the new technology of app-based ridesharing. Uber and Lyft drivers did not require such a medallion to operate.38 Furthermore, annual net income for an Uber driver in New York averaged $63,128, compared to the paltry
$31,553 of traditional taxicab drivers (see Exhibit 8 for rideshare growth forecast).
In response to the disruption of the system, many taxi drivers complained via inc.com that “These new transportation systems lack the proper insurance, driver training, and passenger

60%

50%

40%

30%

20%

10%

Q2 2014 Q2 2015 Q2 2016

EXHIBIT 7 Proportion of Business Car Expenses76

EXHIBIT 8 Rideshare Growth Forecast, US, 201677
Year Number of Ridesharers (millions) % of US Adult Population
2014 8.2 3.4
2015 12.4 5.0
2016 15.0 6.0
2017 17.0 6.7
2018 18.2 7.1
2019 19.4 7.5
2020 20.4 7.8

EXHIBIT 9 Market Share Comparison in Number of Drivers, US, 2016
Rank Company Total Users
1 Taxis 239,90078
2 Uber 160,00079
3 Lyft 100,00080

liability measures” necessary to operate legally and ethically.39 In its efforts to influence regulations, the taxi industry spent $3,500 on state legislature lobbying for every $1 spent by Uber, Lyft, and Sidecar (see Exhibit 9 Market share comparison in number of drivers).40
Despite the disruption to the industry caused by Uber’s ride–sharing technology, there had been some positive results, the largest being emergent technologies and innovations improving the current taxi industry. Many privatized taxicab service providers have developed apps similar to Uber’s, enabling them to slow market share encroachment from Uber’s business model.41 One such app, Flywheel, is similar to Uber and Lyft and charges taxicab drivers a 10 percent commission for each ride referred by the app. Another app, Hailo, claims to have more than 60,000 qualified taxicab drivers using its service. However, despite the more stan- dardized image maintained by taxicabs, Uber, Lyft, Didi Chuxing, and others were continually threatening to make taxicabs obsolete.

Uber’s Product Portfolio
Uber continued to foster a culture of innovation by repeatedly developing and launching new products and services. While the original Uber app was still under development, the company created a think tank consisting of a nuclear physicist, a computational neuroscientist, and a machinery expert who worked on predicting demand for private hire car drivers.42 The think tank produced some of the most notable and most innovative creations from Uber to date, beginning with UberX in 2012, the original idea allowing local drivers to respond to notifications on the Uber app by driving customers in their own non-luxury vehicles (see Exhibit 10 for rideshare app usage in the United States).43
Uber offered its first non-car transportation option in UberChopper, an expensive helicopter service in the Hamptons of New York City, each ride raking up a tab of $3,000.44 In August 2014, Uber launched UberPool, a carpooling service with the intent to reduce fares below that of a typical subway ticket to further capture the price sensitive demographic.45 And later the same year, Uber released UberFresh in Santa Monica, a lunch delivery service that was later rebranded as

EXHIBIT 10 Rideshare App Usage in US, 201681
Rank Company Percent Usage
1 Uber 37%
2 Lyft 10%
3 Side Car 2%

UberEats.46 The meal delivery service later operated in more than 50 cities across the globe and had been spun out as a stand-alone app (see Exhibit 11 for Uber service portfolio).47
Uber began delving further into the futuristic possibilities of its rapidly expanding business. In February 2015, it was announced that Uber would begin collaborating with Carnegie Mellon, the leading robotics and autonomous technology university, to establish a new business unit: Uber Advanced Technologies Center, a new research facility in Pittsburgh, Pennsylvania.48 Much to the chagrin of Carnegie Mellon, Uber hired 40 of Carnegie Mellon’s top researchers just two months later, including Chris Urmson, the former head of the Google self-driving car project.49 The goal? “To replace Uber’s more than 1 million human drivers with robot drivers—as quickly as possible.”50 A little more than a year later, on September 14, 2016, Uber launched its first fully autonomous self-driving car service to select customers in the Pittsburgh area, including Mayor Bill Beduto.51 Using landmarks, three-dimensional mapping, and other contextual information, these autonomous vehicles could keep track of their position. Uber maintained a fleet of Ford Fusion vehicles, each equipped with 20 cameras, seven lasers, a GPS, and associated radar equipment to accomplish the job.52
In July 2016, nearly coinciding with the launch of its self-driving fleet in Pittsburgh, Uber acquired Otto, a 91-employee driverless semi-truck startup founded earlier that year by a group of top engineers from Apple, Google, and Tesla.53 Included in this elite group of engineers were Anthony Levandowski, a lead engineer in Google’s self-driving division; Claire Delaunay, a lead engineer for Google robotics; and Lior Ron, the head of product at Google Maps.54 With these and the prior CMU hires, Uber now commanded the most capable self-driving research group in the world.

EXHIBIT 11 Uber Service Portfolio82
Service Name Description Year Launched
UberX The original ride–sharing concept (4 passengers) 2012
UberXL Larger vehicles, hosting up to 6 passengers 2012
UberSelect Entry-level premium service (4 passengers) 2013
UberBlack [Black Car] Large, premium service vehicle 2013
UberChopper Commercial helicopter service 2013
UberRush Small business and enterprise API delivery and logistics service 2014
UberPool Carpooling service 2014
UberFresh (now UberEats) Meal delivery service 2014
UberBoat Water-taxi service launched in Istanbul 2015
Uber Advanced Technologies Group Fully autonomous self-driving vehicles for travel 2016
Street mapping Uber began street mapping in order to determine the best pick-up and drop-off locations for its customers 2016
Otto Autonomous semi-truck company with heavy engineering and Lidar talent 2016

But unlike many of its competitors, Uber never intended to build self-driving car hardware. Instead, leveraging the 100-plus million miles that Uber drivers log each day, the company intended to perfect the software brain of the car.55 “Nobody has set up software that can reliably drive a car safely without a human,” Kalanick said. “We are focusing on that.”56 Indeed, mapping, radar, and navigation capabilities are current bottlenecks in self-driving technology and could prove to be enormously valuable assets if Uber is able to license the technology out to the highest bidder among automakers desperate to adapt to the impending market shift toward autonomous vehicles.
While the future of Uber was still uncertain, Merrill Lynch released a 2015 report predicting that by 2040, “robotaxis could make up as much as 43 percent of all [car] sales.”57 The Boston Consulting Group (BCG) went so far as to predict that robotaxis will make up “12 percent of global new car sales” as early as 2035.58

Changing Leadership and Going Public
Coming under fire for various Uber driver-related crimes, including vehicular manslaughter, kidnapping, sexual assault, and physical assault, Uber had adopted several measures to com- bat their divisive image.59 These measures included background checks preventing any potential driver with histories of drunken driving, hit and runs, sexual violence or other illegal activity; biometrics and voice verification to screen drivers; GPS tracking of every ride; two-way feed- back for every driver–rider experience; removing underperforming drivers; insurance policies up to $1,000,000; and new technologies allowing Uber riders to communicate instantly with Uber and loved ones in case of emergency.60 These procedures had already seen sizable effects, including a 10 percent reduction in DUIs.61 Although these measures had been extensive and thorough, Uber’s domestic and international image remained muddied.
Exacerbating the product image damage was a series of leadership crises in 2017 as several high-profile sexual harassment allegations surfaced in company headquarters, and a private video was released showing Kalanick arguing with an Uber driver about low wages.62 In August 2017, the company announced that Kalanick would be stepping down as CEO and Dara Khosrowshahi, CEO of Expedia, would succeed Kalanick. Khosrowshahi forfeited his unvested stock options of Expedia, then worth $184 million, but Uber reportedly paid him over $200 mil- lion to take the CEO position. This move was designed to help the company move forward and improve its image as the company prepared for an IPO.
Uber’s highly anticipated IPO occurred on May 10, 2019. The company priced its shares at
$45 per share, leading to an initial market value of $75 billion. This was one of the highest valuations of any IPO from a tech company in history. However, the exuberance was mitigated by a gradual drop in the stock price over the ensuing months. By late August the stock was at $33, representing a 25 percent decrease in value since the IPO.

Looking Forward
Uber had experienced remarkable growth since its inception in 2009. Revenues were projected to be roughly $12 billion by year end 2019 as the company continued to scale operations glob- ally. However, while the company was growing rapidly, it was also losing significant amounts of money. In the company’s Q2 financial report in 2019 the company reported a loss of $1.3 billion on revenues of $3.1 billion.63
Despite Uber’s position as the global leader in ride-hailing services, Alyssa Altman of digital consultancy Publicis Sapient said Uber’s future was still in doubt. “Last year 5.2 billion people rode an Uber. In each of those trips, the company lost an average of 58 cents,” said Altman. “Uber continues to grow, and it’s fair to say it dominates the taxi-hailing market, but the company’s success is built on sand. The reality is that it still hasn’t made a profit. They need to have a reason for being and one that people value.”64

Khosrowshahi’s response to criticisms of growth was to say that “Our story is simple. We’re the global player. Our job is to grow fast at scale and more efficiently for a long, long time.”65 As Khosrowshahi considered Uber’s future, myriad questions lay before him: How could Uber recover from massive losses in the Chinese market and propel itself to profitability internationally? Was Uber spending too much on global revenue growth and should it focus more on profitability? How could Uber improve its image in order to retain and grow its current customer base? Which new services should be launched, if any, to help the company achieve its goals? And ultimately would Uber’s business model be profitable?

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51https://qz.com/781151/why-is-uber-rushing-to-put-self-driving-cars
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52https://www.revolvy.com/main/index.php?s=Strip_District,_Pittsburgh 53http://www.bloomberg.com/news/features/2016-08-18/uber-s-first
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54http://www.bloomberg.com/news/features/2016-08-18/uber-s-first
self-driving-fleet-arrives-in-pittsburgh-this-month-is06r7on
55http://www.bloomberg.com/news/features/2016-08-18/uber-s-first
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56http://www.bloomberg.com/news/features/2016-08-18/uber-s-first
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57http://www.businessinsider.com/driverless-cars-may-lead-to-the
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58http://www.businessinsider.com/driverless-cars-may-lead-to-the
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59http://www.businessinsider.com/r-legal-troubles-market-realities
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60https://www.uber.com/safety/
61http://www.complex.com/life/2016/03/uber-decreasing-dui
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62https://www.nytimes.com/2017/03/07/technology/uber-travis
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63https://www.cnbc.com/2019/08/08/uber-earnings-q2-2019.html

64https://www.independent.co.uk/news/business/news/uber
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65https://www.independent.co.uk/news/business/news/uber
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66https://www.forbes.com/sites/briansolomon/2016/01/12/leaked
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67https://www.forbes.com/sites/briansolomon/2016/01/12/leaked
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68http://billypenn.com/2015/08/27/new-bill-seeks-to-legalize-rapidly
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69https://en.wikipedia.org/wiki/Uber_(company) 70https://quoted.thezebra.com/848/uber-vs-lyft/ 71https://www.crunchbase.com/organization/didi-dache#/entity 72https://www.crunchbase.com/organization/uber/funding-rounds 73https://www.crunchbase.com/organization/lyft#/entity 74https://www.crunchbase.com/organization/ani-technologies 75https://www.crunchbase.com/organization/grabtaxi#/entity 76https://venturebeat.com/2016/07/21/uber-dominates-q2-business
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77https://www.emarketer.com/Article/How-Much-More-Ride-Sharing
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78http://www.statisticbrain.com/taxi-cab-statistics/
79https://www.usatoday.com/story/tech/2015/01/22/uber-drivers
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80http://fortune.com/2016/03/20/lyft-drivers-owed-millions/ 81https://rideshareapps.com/2015-rideshare-infographic/ 82https://en.wikipedia.org/wiki/Uber_(company)