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July 8, 2014

Uber to drop rates to compete with N.Y. taxis

NYC & Co. - Jen Davis

NYC & Co. - Jen Davis
NEW YORK CITY — Uber, the San Francisco-based transportation app company announced Monday that it will temporarily lower rates for its UberX service in New York City by 20%, making it cheaper than a taxi, Crains New York Business reported.

"It's fair to say that this was meant to make us competitive with yellow cabs," Uber NYC's GM Josh Moher told Crain's.

Uber's price drop could change the riders' calculus. It could also spur protests from drivers as it did when Uber dropped prices in San Francisco, according to the report.

For the full story, click here.

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