Uber

(Reuters) -Uber Technologies Inc is selling its autonomous driving unit, Uber Advanced Technologies Group (ATG), to self-driving car startup Aurora, the companies said on Monday, in a move that would accelerate the ride-sharing company's goal to achieve profitability. The equity deal valued the ATG at $4 billion, according to people familiar with the matter. This marks a major drop in valuation for ATG, as it raised $1 billion from a consortium of investors including Toyota Motor Corp and Soft

Eighteen months ago, Uber’s self-driving car unit, Uber Advanced Technologies Group, was valued at $7.25 billion following a $1 billion investment from Toyota, DENSO and SoftBank’s Vision Fund. Now, it’s up for sale and a competing autonomous vehicle technology startup is in talks with Uber to buy it, according to three sources familiar with the deal. Aurora Innovation, the startup founded by three veterans of the autonomous vehicle industry who led programs at Google, Tesla and Uber, is in

While the ruling does not take effect before a Nov. 3 company-sponsored ballot measure that will give voters the chance to decide over the future status of gig workers, it narrows the companies' options should their ballot fail. The case emerged after California implemented a law, known as AB5, aimed at reclassifying ride-hail, food delivery and other app-based workers as employees entitled to benefits such as unemployment insurance and minimum wage. California in May sued Uber and Lyft for no

The two ride-hailing companies would each face more than $392 million in annual payroll taxes and workers' compensation costs even if they drastically cut the number of drivers on their platforms, a Reuters calculation showed. The companies say they would need to significantly hike prices to offset at least some of those additional costs, which in turn would likely cause a decrease in consumer demand, but cushion the blow of the added costs to the bottom line.

In addition to the vehicle discounts, Uber said the $800 million includes discounts for charging and a fare surcharge for electric and hybrid vehicles, the cost of which would be partially offset by an additional small fee charged to customers who request a "green trip." Uber said that vehicles on its rides platform in the United States, Canada and Europe will be zero-emission by 2030, taking advantage of the regulatory support and advanced infrastructure in those regions.

A former Uber executive was charged Thursday in federal court on allegations that he arranged to pay hackers $100,000 to cover up a high-tech heist that stole the personal information about 57 million of the ride-hailing service’s users and drivers during 2016. The criminal complaint filed Thursday against Joseph Sullivan, Uber's former chief security officer, alleges that the hackers shared the data with a third person — who may still have it. Sullivan, 52, previously served as an assistant

Lyft in a blog post on Thursday said it would suspend its California operations at midnight. Uber in a blogpost said it would have to temporarily shut down unless the appeals court intervenes. Lyft shares dropped 6.2% to $26.41, while Uber shares were down 2.3% to $28.74.

Uber recorded an adjusted loss in earnings before interest, taxes, depreciation and amortization of $837 million in the second quarter. Ride-hailing trips, in the past responsible for nearly two-thirds of Uber's revenue, increased 5 percentage points from their low in April, but gross bookings remained down 75% from last year. Uber's chief executive officer, Dara Khosrowshahi, told analysts on a conference call on Thursday that rides recovery depended on the ability of different countries to

Uber driver Johan Nijman faces a difficult decision as federal unemployment aid expires: risk failing to pay for groceries and even lose his home, or resume driving and potentially catch COVID-19. Nijman is among thousands of Uber Technologies Inc and Lyft Inc drivers across the United States choosing between physical and financial health risks as $600 in additional weekly unemployment assistance expire. While drivers are not the only workers struggling, they are particularly vulnerable as the