Uber proposes to regulatory institutions to reduce the basic wages of drivers in New York City.
On November 5th, Gridsum reported that Uber wrote to regulatory institutions, stating that the company hopes the New York City Taxi and Limousine Commission (TLC) will reduce the per-mile rate in its driver compensation formula from the current $1.36 to $1.277, a 6.1% decrease. In the letter, the company cited the drop in rbob gasoline prices as a key reason for the rate reduction. Uber is submitting its proposal as TLC prepares to amend the minimum wage rules for drivers, which could impact one of the company's largest markets in terms of ride-hailing and operation costs. Uber's senior legal counsel stated that reducing the per-mile rate is necessary.
Uber's Real Threat Isn't From Robots -- Heard on the Street -- WSJ
Wells Fargo & Co lowers Uber's target price to $90.
Gelonghui November 5th | Wells Fargo & Co. : Lowered Uber's target price from $97 to $90, maintaining a "shareholding" rating. (Gelong Hui)
RBOB gasoline prices dropped significantly. Uber Technologies (UBER.US) proposed to reduce the basic salary of New York drivers.
The rbob gasoline price has dropped by about 38% from its peak in 2022; uber technologies and driver groups have been lobbying for various rule changes.
Uber Asks NYC Taxi Commission to Lower Minimum Pay Rate to Adjust for Cheaper Gas
Market Chatter: Uber Seeks to Cut New York City Drivers' Base Pay Rate