Uber enters trailer leasing business
Published Oct 18, 2018 05:53AM ET
Uber enters trailer leasing business
(Reuters) - Uber Technologies Inc [UBER.UL] said on Wednesday it is entering the trailer leasing business.
The new business, called Powerloop, is affiliated with Uber Freight, which connects truckers with shippers, the company said https://medium.com/@UberFreight/how-powerloop-helps-unlock-access-to-power-only-loads-e83268b06ead.
Powerloop, which would rent trailers to carriers, is currently available in Texas, Uber said, adding that it expects to expand the new business to other U.S. regions.
Powerloop's first customers include brewer Anheuser-Busch.
Money-losing Uber has been seeking new avenues of growth, including food delivery services, even as it battles intense competition in its core business of ride hailing.
In August, the company said it would create a standalone business out of its long-haul trucking business, with plans to double its investment in the unit to drive growth.
San Francisco-based Uber plans to go public next year and could be valued at $120 billion, according to a media report.
(This version of the story corrects to say that Powerloop is an affiliate of Uber Freight, not a part of Uber Freight, in second paragraph)
Get The News You Want
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.