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Ola to launch self-drive service, to invest $500 million

Thursday, March 28, 2019, 9:21 AM

Homegrown ride-hailing platform Ola will invest over $500 million to launch 'self-drive' service aimed at broadening its portfolio of transportation solutions, according to two-people directly aware of company's plans. The investment will come from a mix-of-debt and equity over the next couple-of-years, according to one of persons. Ola will deploy nearly 10,000-vehicles, including luxury sedans and SUVs, in major-cities in coming months, said person.
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Uber's self-driving car unit was burning $20 million a month

Wednesday, March 13, 2019, 6:21 PM

Uber spent around $20 million (Rs.139 crore) per month on developing self-driving technologies, recently unsealed US court documents revealed. Uber had aimed to have 75,000 autonomous vehicles on roads by this year and operate driverless taxi services in 13 US cities by 2022. This comes ahead of Uber's planned IPO, which could reportedly value the ride-hailing giant around $120 billion.
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Uber agrees to pay VAT in Egypt: tax chief

Tuesday, February 19, 2019, 7:26 AM

Uber has agreed to pay value-added tax on its services in Egypt, Egyptian officials said a move that may help resolve a-long-simmering feud with traditional taxi drivers. The agreement would also apply to other ride-hailing companies, head of Egyptian Tax-Authority, Abdel Azeem Hussein, said, although Uber's main rival Careem said it was already paying VAT in Egypt, where the rate is set at 14%.

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