(WSJ) Uber stock rose more than 5% on Thursday after reaching a deal to list all taxis in the city of New York on its app.
The move by Uber is expected to curb the high fares and address the challenge of the driver shortage, as more business will be directed to the cab drivers. The company expects to launch the offering in the spring.
The latest move by Uber is seen as an attempt to capitalize on the traditional taxis to fuel growth. The company has ambitions to list every taxi globally on its app by 2025.
Uber has similar partnerships with taxi operators in other countries and several US cities. New York’s partnership is one of a kind as it is the first citywide deal in one of the ride giant’s most lucrative markets.
UBER: NYSE is up +5.52%
