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📰 Uber’s Push for Insurance Reform Targets Personal Injury Lawyers
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Uber sues DoorDash over anti-competitive practices. Uber launches an ad campaign to advocate for insurance policy reforms. A new report claims customers are dropping off from Uber and Lyft. Mark Cuban leads investment in Fetii. We break it all down for you.
Uber’s Push for Insurance Reform Targets Personal Injury Lawyers
Source – Bloomberg (Paywall free)
Uber has launched a multimillion-dollar ad campaign to advocate for insurance policy reforms, aiming to address practices by personal injury lawyers that the company claims are leading to higher ride costs for passengers.
Uber seeks legislative changes to lower insurance limits, discouraging exploitative legal practices and keeping ride costs down for consumers.
The initiative, involving ads in political media and legal actions, is one of Uber’s largest lobbying efforts since its driver classification disputes.
Uber is piloting a program enabling drivers to maintain their own independent commercial insurance as part of broader efforts to manage operational costs.
In Nevada, Uber tried to cap the contingency fees lawyers can earn in civil lawsuits to 20% but was rejected by the state’s Supreme Court.
Uber Sues DoorDash, Claiming It Bullies Restaurants Into Signing Exclusive Deals
Source: Reuters
Uber has filed a lawsuit against DoorDash, accusing the company of engaging in anticompetitive practices. Uber claims that DoorDash pressures restaurants to be exclusive with the platform, which Uber says increases costs for restaurants and customers.
The lawsuit, filed in California Superior Court, claims DoorDash coerces restaurants into exclusive agreements, limiting Uber’s business opportunities.
Uber contends that DoorDash’s actions have cost Uber millions in potential revenue and restricted its growth.
DoorDash denies the accusations, asserting that Uber’s claims are unfounded and criticizing Uber’s service offerings as lacking in quality.
Uber, Lyft Face Customer Drop-off as Fare Increases Loom
SOURCE – Bloomberg (Paywall free), WSJ
A recent report indicates that escalating fares for Uber and Lyft rides, which have seen a 7.2% increase over the past year, are prompting concerns over potential declines in consumer demand.
The median price for rideshare services has risen to $15.99, potentially deterring over 72% of consumers if prices continue to climb, as revealed in a Gridwise survey.
Both Uber and Lyft have given weaker-than-expected booking forecasts, attributing challenges to broader economic factors and escalating trip prices influenced by insurance costs and legal challenges.
Despite fare hikes, driver earnings continue to decrease, with Uber drivers’ average weekly earnings dropping by 3.4% and Lyft drivers’ earnings falling nearly 14%, highlighting the financial strain on drivers even as they work longer hours.
SOURCE – The Wall Street Journal
A University of Michigan study reveals that riders still favor Uber and Lyft over public transit to save time despite the associated environmental impacts such as increased emissions and congestion.
The study, using Chicago data, shows that ride-hailing trips are faster than public transit due to reduced waiting and walking times, leading to a decline in public transit usage.
Although CEOs of ride-hailing companies aim to reduce emissions with electric and autonomous vehicles, the study suggests limited overall social benefits as issues like congestion and accidents persist.
Mark Cuban Leads $7.35 Million Investment in Group Rideshare Company Fetii
SOURCE – Forbes
Mark Cuban, alongside other investors, has led a $7.35 million seed funding round in Fetii, a tech-driven group rideshare service, following his daughter’s positive experiences with the platform.
Cuban recognized the potential for Fetii’s growth and became both an investor and advisor, helping the company expand and refine its goals, which include integrating autonomous technology and electric vehicles.
Operating without owning vehicles, Fetii partners with service providers who manage fleets of 15-passenger vans. This allows for rapid scaling and flexibility in earnings, with rides easily ordered through a mobile app.
Fetii currently facilitates over 200K passenger trips monthly across 68 U.S. cities and has launched Fetii Media for brand awareness and community engagement through various digital platforms.
Uber CEO Wants Tesla Robotaxis In His App
SOURCE – YouTube Shorts
Uber CEO Dara Khosrowshahi said he wants Tesla robotaxis in the Uber app. Despite the fact that Tesla plans to launch its own robotaxi service, in a recent interview, Khosrowshahi doesn’t think that would prevent Uber from integrating the vehicles into its network. Watch the YouTube Short to find out more!
QUICK HITS
The Getaround carsharing marketplace, along with its HyreCar division targeted to rideshare drivers, is ceasing operations in the U.S. – PYMNTS
Protector, a personal security detail and rideshare service has launched in LA and NYC. – Jalopnik
Jill Hazelbaker, who serves as Uber’s Chief Marketing Officer and Senior Vice President of Public Affairs, has recently offloaded 31,000 shares of the company, making over $2.5M. – Tipranks
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