News

Uber stock jumps after announcing ride sharing app will now include NYC taxis

Uber shares jumped 4 percent this week after the ride sharing giant announced an agreement to list New York City taxis on its app.

On Thursday, Uber announced it had reached a deal with two taxi-hailing apps, Curb and Creative Mobile Technologies, to integrate the apps and list NYC taxis on the Uber app. Uber users will now be able to hail a yellow cab using the app from anywhere in the five boroughs.

“This is a real win for drivers – no longer do they have to worry about finding a fare during off peak times or getting a street hail back to Manhattan when in the outer boroughs,” said Uber Director of Business Development, Guy Peterson. “And this is a real win for riders who will now have access to thousands of yellow taxis in the Uber app.”

The move comes on the heels of a major driver shortage in the ride sharing industry, fueled largely by COVID-19 and the resulting lack of travel. It also brings the contentious relationship between Uber and taxi companies to a low simmer after years of bitter rivalry. 

Uber CEO Dara Khosrowshahi said last month she hopes to bring taxis in every major city on to the Uber app by 2025.

ARTICLE: LAURA SPIVAK

MANAGING EDITOR: CARSON CHOATE

PHOTO CREDITS: YAHOO NEWS

The following two tabs change content below.
Laura is a freelance writer out of Maryland and a mom of three. Her background is in political science and international relations, and she has been doing political writing and editing for 17 years. Laura has also written parenting pieces for the Today Show and is currently working on writing a collection of remarkable true stories about normal people. She writes for FBA because unbiased news is vital to unity, and readers deserve the facts free of opinion.

Leave a Reply