Uber is short of drivers. Ride-sharing companies have cut into cabdrivers' income. An agreement that could ease both problems has been reached, allowing passengers in New York City to choose a cab when they order a ride on Uber's app, the Wall Street Journal reports. It's the first such citywide partnership in the US for Uber, which has been battled by cabdrivers in multiple countries for years, though limited partnerships have been formed in other places. "It's bigger and bolder than anything we've done," said Andrew Macdonald of Uber.
Under the agreement to kick in this spring, New York City taxi apps run by two technology companies will be integrated with Uber's software. The apps handle credit card payments in cabs. Passengers wanting a taxi will see a price in the app before they order, per the New York Times, as they do with Uber rides. Uber said passengers will pay about the same amount for a lift in a yellow cab as they would for a standard Uber ride. Uber shares climbed 5.3% to $34.80 in pre-market trading on news of the deal, per the Journal.
Yellow cabdrivers who answer hails on the Uber app also will see a price before they accept and will be able to turn the fare down. A slice of the cab fare will go to Uber and its partners, though they wouldn't say how much. The average global take for Uber in the fourth quarter was 20%. It's a change in strategy for Uber, which has decided recently that partnering with taxi companies can be good for business—especially with it receiving a fee for every ride that goes through its app. (More Uber stories.)
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