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Uber One subscription service to launch in UK offering discounted taxi rides and free food delivery

With the Uber share price in steep decline over the past year, the company…
The post Uber One subscription service to launch in UK offering discounted…

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With the Uber share price in steep decline over the past year, the company has lost over half of its value in just twelve months, the American tech company is focusing on giving investors one thing they love – predictable, recurring income. To achieve that, the ride-hailing and food delivery app company launched the $9.99 Uber One subscription service in the USA in 2021.

The company, worth $46.3 billion despite the hit to its valuation over the past year, has now announced it is to extend the rollout of Uber One to Mexico, Germany and the UK. The package, prices for which have yet to be announced for the new territories, gives subscribers discounts for Uber journeys, free food deliveries from Uber Eats and a number of other perks from priority for highly rated drivers, additional customer service options and compensation for late orders.

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The new model is comparable to Amazon’s highly successful Prime subscription while Deliveroo have also launched a subscription service, Deliveroo Plus, which provides free delivery for £3.49 a month. Deliveroo’s Plus package comes free with Amazon Prime membership in the UK. Subscribers to Deliveroo Plus quadrupled last year after it was rolled into Prime.

There still isn’t a firm launch date for Uber One in the UK but a company spokesperson confirmed it is planned in the near future, commenting:

“We know users across our platform have been asking for a membership programme, and we’re looking forward to launching this for them soon.”

Uber may, however, be launching its subscription model into a tougher climate than would have been the case a year ago with the evidence suggesting British households are trimming monthly subscriptions. Consumer intelligence firm Kantar says as many as 1.5 million UK households cancelled video streaming subscriptions like Netflix, Disney+, Amazon Prime and YouTube Premium in the first quarter of this year.

However, Uber One has proven a success in the tech company’s domestic U.S. market. Uber chief executive Dara Khosrowshahi said earlier this month when the company published its quarter results that subscribers spend 2.7% times as much on Uber’s services than non-subscribers.

Despite issues, especially around its London license, the UK is one of Uber’s key markets outside of the USA. Years of disputes and tensions with the capital’s transport regulator TfL were resolved in March with the granting of a new 30-month operating license for London. However, prices have had to rise recently due to a combination of higher fuel costs and a leap in demand after the end of Covid-19 pandemic restrictions.

Uber’s expenses in the UK have also risen after defeat in court cases have forced the company to pay its drivers at least minimum wage while they are on call as well as granting holiday pay and starting to pay VAT on rides after government pressure. Bolt, Uber’s biggest rival in the UK has not yet made the same moves. However, Mr Khosrowshahi told investors recently that the company’s UK business is profitable. UK users spent £778 million on Uber rides over the first three months of the year compared to £726 million over the same quarter in 2021.

Despite that, the company’s share price has fallen by over 46% this year as it has suffered from the broader market sell-off that has particularly hurt high growth tech companies as investors have shied away from risk. However, Uber still expects to bank an overall profit this year for the first time thanks to its ride-hailing business returning to pre-pandemic levels.

Uber also plans to start offering plane and train tickets as well as car rentals via its app in the UK at some point this year. In the USA a new service will allow larger groups to use the app to charter coaches.

There are also plans for pilot projects for robot food delivery with two set for launch in Los Angeles in partnership with robotics start-ups. The first will involve autonomous cars and the second will see deliveries made by four-wheeled robots that will travel along pavements and, hopefully, be able to avoid pedestrians.

The post Uber One subscription service to launch in UK offering discounted taxi rides and free food delivery first appeared on Trading and Investment News.

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International

Tesla Rivals Challenge Its Lead as Nio Sets Encouraging Record

Tesla’s rivals are not even coming close to producing and delivering EVs at the same rate as the Austin, Texas-based market leader.

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Tesla's rivals are not even coming close to producing and delivering EVs at the same rate as the Austin, Texas-based market leader.

Electric vehicle makers have been struggling over the last two years to produce and deliver cars, trucks and SUVs despite obstacles such as supply chain disruptions, semiconductor shortages and factory shutdowns caused by the covid pandemic.

The industry's leading EV manufacturer Tesla  (TSLA) - Get Tesla Inc. Report on July 2 said that plant closures at its Shanghai gigafactory in April and May and supply chain disruptions led to a smaller number of deliveries than expected in its second quarter ending June 30 with 254,695, which was 26.7% higher than the same period in 2021, but 17.7% lower than its record of 310,048 delivered in the first quarter of 2021. Analysts were originally expecting about 295,000 deliveries.

Tesla's production declined to 258,580 vehicles in the second quarter compared to 305,407 in the first quarter. It had produced 305,840 vehicles in the fourth quarter of 2021.

Tesla's rivals are not even coming close to producing and delivering EVs at the same rate as the Austin, Texas-based market leader. But they keep trying.

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Tesla Rivals Struggle to Produce and Deliver Volume of EVs

Tesla rival Nio  (NIO) - Get NIO Inc. American depositary shares each representing one Class A 蔚来汽车 Report on July 1 said that it had delivered 12,961 vehicles in June for a 60.3% year-over-year increase and its highest number of monthly deliveries ever. The company also reported 25,059 EVs delivered in the three months ending June 2022, increasing by 14.4% year-over-year. Nio has delivered a cumulative 217,897 EVs as of June 30.

NIO on June 15 rolled out its ES7, a new mid-large five-seat smart electric SUV, which is the first SUV product based on NIO's latest technology platform Technology 2.0. NIO also launched the 2022 ES8, ES6 and EC6 equipped with the upgraded digital cockpit domain controller and sensing suite, enhancing the computing and perception capabilities as well as digital experience of the vehicles. The company expects to start deliveries of the ES7 and the ES8, ES6 and EC6 in August.

Chinese EV maker XPeng  (XPEV) - Get XPeng Inc. American depositary shares each representing two Class A 小鹏汽车 Report on July 1 said it delivered 15,295 vehicles in June, a 133% increase year-over-year; 34,422 in the second quarter ending June 30 for a 98% increase year-over-year and 68,983 in the first six months of the year for a 124% increase year-over year.

The Guangzhou, China-based company said in August it will begin accepting orders for its new G9 SUV with an official launch in September.

Beijing-based Li Auto  (LI) - Get Li Auto Inc. Report on July 1 said it delivered 13,024 EVs in June, a 68.9% increase year-over-year and 28,687 in the second quarter ending June 30 for a 63.2% increase year-over-year. The company on June 21 began taking orders for its Li L9 SUV and recorded 30,000 orders as of June 24, according to a statement. Test drives will begin July 16 with deliveries beginning by the end of August.

GM Follows Behind Tesla and Other Rivals

General Motors  (GM) - Get General Motors Company Report had 7,300 EV sales in the second quarter, according to a July 1 statement. The Detroit automaker's sales included deliveries of the BrightDrop Zevo 600 delivery van, GMC Hummer EV pickup, and the resumption of the Chevrolet Bolt EV and Bolt EUV production.

GM said the Cadillac Lyriq production is accelerating, with initial deliveries in process. Orders for the 2023 model year sold out within hours and preorders for the 2024 model opened on June 22.

The company said it will gradually increase production of the Cadillac Lyriq and GMC Hummer EV Pickup in the second half of 2022. 

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Tesla EV deliveries fall nearly 18% in second quarter following China factory shutdown

Tesla delivered 254,695 electric vehicles globally in the second quarter, a nearly 18% drop from the previous period as supply chain constraints, China’s…

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Tesla delivered 254,695 electric vehicles globally in the second quarter, a nearly 18% drop from the previous period as supply chain constraints, China’s extended COVID-19 lockdown and challenges around opening factories in Berlin and Austin took their toll on the company.

This is the first time in two years that Tesla deliveries, which were 310,048 in the first period this year, have fallen quarter over quarter. Tesla deliveries were up 26.5% from the second quarter last year.

The quarter-over-quarter reduction is in line with a broader supply chain problem in the industry. It also illustrates the importance of Tesla’s Shanghai factory to its business. Tesla shuttered its Shanghai factory multiple times in March due to rising COVID-19 cases that prompted a government shutdown.

Image Credits: Tesla/screenshot

The company said Saturday it produced 258,580 EVs, a 15% reduction from the previous quarter when it made 305,407 vehicles.

Like in other quarters over the past two years, most of the produced and delivered vehicles were Model 3 and Model Ys. Only 16,411 of the produced vehicles were the older Model S and Model X vehicles.

Tesla said in its released that June 2022 was the highest vehicle production month in Tesla’s history. Despite that milestone, the EV maker as well as other companies in the industry, have struggled to keep apace with demand as supply chain problems persist.

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If You’re A Saudi Cocaine-User, Move To Uruguay

If You’re A Saudi Cocaine-User, Move To Uruguay

According to the latest edition of the United Nations World Drug Report, 284 million people…

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If You're A Saudi Cocaine-User, Move To Uruguay

According to the latest edition of the United Nations World Drug Report, 284 million people used illegal drugs in the last year, while around 21 million of them used cocaine.

The use of the drug has risen in the past decade, according to the report, but slowed somewhat in the Covid-19 pandemic. However, as Statista's Katharina Buchholz details below, with global cocaine production reaching new highs, cocaine supply chains to Europe have been diversifying, which is driving prices down and pushing quality up, potentially increasing the level of harm caused by use of the drug in the region.

You will find more infographics at Statista

In the United Kingdom, for example, cocaine prices fell from the equivalent of $178 to $103 between 2019 and 2020. The country continues to have a high cocaine retail street price in a global comparison, however, with prices lower in most European countries.

In developed economies outside of Europe, a higher premium is usually charged for cocaine, like in Hong Kong ($145 per gram), Japan ($188 per gram), Israel ($205 per gram) or Australia ($242 per gram). For the United States, no 2020 numbers were reported, but in 2019, the price for a gram of cocaine stood at $200 per gram.

Prices were even higher in Arab countries, which have strict laws forbidding drug use and trade.

A gram of cocaine can be found for a fraction of its price on the Persian Gulf in some parts of Europe, such as in the Netherlands and Portugal where UNODC states it has a retail street price of $58 and $38 per gram, respectively. The later country has recently radically decriminalized the use of even class A drugs.

Uruguay, one of the few Latin American countries for which data was available, came in at the very bottom of the list.

Cocaine is expensive in the only African country on the list, Algeria. India was included in the report for the first time this year, with the price of cocaine set at an average $67 per gram. While this is rather low by international standards, attainability is likely lower than in Europe due to the differences in purchasing power in the country.

Tyler Durden Sat, 07/02/2022 - 07:35

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