Uber Drops Rates in New York City by 20%
By Paul Riegler on 7 July 2014
Uber, an on-demand car service that uses an app to summon a vehicle, announced it is temporarily lowering prices of its UberX service by 20% in New York City.
The lower rates are available anywhere in the five boroughs and make the cost of using Uber less than using a yellow cab. Uber did not specific how long the promotion will last.
Several Uber-provided comparisons, including Williamsburg to the East Village (now $15 with Uber, $16 by yellow cab, and formerly $19 with Uber) and Grand Central Terminal in midtown to the downtown financial district ($22, $28, $24), show the savings.
Uber, unlike yellow cabs, is regulated as a livery service, so it is allowed to set its own prices. As a private company, it can do so far more quickly as well. It also has the reserves to withstand a price way: last month Uber raised an additional $1.2 billion in new capital, putting the value of the company at $17 billion.
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