US-based peer-to-peer ridesharing, taxi cab and transportation network company Uber says it plans to focus more on its electric scooter and bike business, and less on cars, even though it might hurt company’s profits.
Uber CEO Dara Khosrowshahi said that individual modes of transport were better suited to inner city travel.
“During rush hour, it is very inefficient for a one-ton hulk of metal to take one person 10 blocks”, Khosrowshahi told the Financial Times, forecasting that users would make more frequent shorter journeys in the future.
He admitted that in the short term the move would mean an additional financial hit for a company that had losses of USD 4.5 billion in 2017.
Media reported that Uber had invested in a number of bike firms in the last year.
Company’s Jump electric bikes are now available in eight U.S. cities, and are soon to be launched in Berlin as well.