LATEST BUSINESS VIDEOS Now Playing: Uber’s CEO talks about his departure From Uber’s recent stock price crash to the company’s CEO’s exit, here are five ways to stay on top of things.
Now Playing Meet the top-ranked women at TechCrunch Disrupt: Women on the frontlines of tech’s culture wars Now Playing Elon Musk talks about building a ‘perfect’ robot Now Playing The real reason Tesla’s Elon Musk left his job Now Playing What it’s like to work in the tech industry Now Playing Trump and Kim Jong Un speak out about their meeting in New York Now Playing A guide to the new Trump International Hotel Now Playing New Uber app brings a new way to share news Now Playing Here’s what you need to know about Uber’s $19 billion acquisition of Car2Go Now Playing Uber’s new car-sharing service launches in Los Angeles Now Playing How Uber is trying to change the way Americans work Now Playing Amazon says it is expanding its fleet of Echo speakers Now Playing Tech giant Apple is expanding into mobile apps With its big bet on virtual reality, Amazon is making its way into the mobile space.
Here’s how it’s doing it.
Now Play Uber launches car-hailing service, UberX Now Playing China’s Alibaba Group Holding Group, a unit of the state-run Chinese e-commerce giant Alibaba Group Corp., is planning to invest $1.5 billion in US tech company Uber and create at least one new business, The Wall Street Journal reports.
UberX will allow riders to hail cars from a virtual app and have a driver pick them up, while carpooling will remain an option.
Uber says it will be offering a $10 per-minute ride subsidy to all passengers, but it will not offer ride sharing until the company reaches its goal of 100,000 rides by 2019.
It’s unclear how many UberX rides will be in operation at any given time.
Uber said it will continue to expand its business in China.
“We are committed to driving innovation in the transportation space in China through the expansion of our fleet, investment in new products and services, and accelerating the launch of new services in China,” Uber said in a statement.
“In the coming months, we will launch more services and expand our business there.”
The Wall Journal reported that Alibaba Group is currently negotiating to acquire Uber.