The partnership will be piloted in the spring and roll out more widely in the summer. Uber shares rose 2.5% to $33.87 in New York.
“This is a real win for drivers. No longer do they have to worry about finding a fare during off-peak times or getting a street hail back to Manhattan when in the outer boroughs,” said Guy Peterson, Uber’s director of business development. “And this is a real win for riders who will now have access to thousands of yellow taxis in the Uber app.”
Uber and rival Lyft Inc. have been struggling for months with a driver shortage that has pushed up fares and wait times for customers. Last summer, as ridership surged with the easing of Covid restrictions, Uber and Lyft scrambled to recruit enough drivers back to their platforms after many found other work or relied on government stimulus checks instead.
Uber said it hasn’t seen a decrease in the number of active drivers on the platform since fuel prices have surged and in fact has more drivers on the app in the U.S. now than at any point during the pandemic. But average charges per mile during the week ending Feb. 27 were 18% higher than in January 2021, reflecting the ongoing driver shortage, said YipitData analyst Peter Martin. Ride-hailing pickup times increased by more than 50% in March compared with October, with Lyft seeing shorter wait times than Uber, according to an RBC Capital Markets analysis.The partnership could help Uber significantly boost supply and reduce wait times, which “could increase its slice of the ridesharing market vs.
Taxis will be offered to Uber customers at the same price as an UberX for the same ride. Prices may be lower or higher than a metered cab fare, depending on whether surge pricing is effect, said Jason Gross, vice president, head of mobile, at Curb. Drivers will also be able to see fares prior to accepting a ride, he said.
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