Thanks a billion, Uber

Ride-hailing is a costly business, with industry giant Uber having lost more than $1bn in its latest quarter. It’s the subsidies that do it – Uber is currently selling its offering at three-quarters of cost, which is a significant spike on the 43% of three years ago.

Despite the transport company’s aggressive subsidising policy sales remain flat, up a mere 3% on the previous quarter, which isn’t great news for the Uber IPO planned for next year. Tech investors don’t seem to mind whopping losses if a company is growing rapidly but those numbers might give pause for thought.

Hamburg's hyperloop jag

Hamburg's hyperloop jag

Winding up charging

Winding up charging