Uber (UBER) intends to propose a reduction to New York City drivers’ base pay rate, among other recommendations, as it aims to cut prices of rides in the market, Bloomberg’s Natalie Lung reports. The ride-hailing giant would like the city’s Taxi and Limousine Commission to lower the per-mile rate in its driver pay formula by 6.1% to $1.277 from the current $1.360, the author says, noting a letter Uber plans to deliver to the commission on Monday.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on UBER:
- Expedia Chair Diller says deal with Uber ‘not going to happen’
- Uber’s Legal Strategy: Exclusive-Forum Provisions and Their Impact on Shareholders
- Uber price target lowered to $95 from $99 at Truist
- Uber price target raised to $82 from $80 at RBC Capital
- Uber price target lowered to $90 from $97 at Wells Fargo