Google is not the only company to view car-ride service Uber as a threat. Taxi companies have also been in decline as a result, and there are many competitors trying to cut into Uber’s territory. Google’s parent company recently launched a carpooling service, and GM spent “$500 million for a 9{409e8c8aabfddf7aa6642c09f2dbd0e8134da7505e5c5a8159c7fdf428e4f269} stake in Lyft”. Ongoing price wars between competitors have been brutal.
Despite Uber’s attempts to set up shop in China, it did not work and was responsible for deep losses. Even so, investors have plunked down their resources on Urber, to the tune of $12 billion. Uber envisions a world where people can hail a driver with the click of of a button and where they can even forgo buying their own vehicle. Despite its current losses, Uber is pushing on and has dreams in which every car is an Uber car. Read full story…