To put their losses into context, their last quarter they lost $1.1 BILLION
Up from a ~ 900 Million in losses in an earlier quarter this year.
There is absolutely NO PATH to profitability without autonomous vehicles, and the reality about those,.... not the hype or investor spin is, they are DECADES away. The tech is being grossly oversold.
I think you should ping everybody you know with that information.
I’m serious.
Those numbers are frightening.
That's been the business plan all along. The stated goal by Uber co-founder Travis Kalanick has been to "get the driver out of the car" which is why Uber is so aggressively pursuing self-driving cars. They are hoping to survive losses in the meantime while they get their business to scale (which was Amazon's early strategy).
For the first 15 years of Amazon's existence, we all predicted their downfall but it never happened. Their revenues continued to fund growth and it was only much later they had the scale and efficiency to get to a profit (with a major assist from their cloud business).
The Uber/Lyft business model only makes sense when the driver is out of the car.