July 12, 2021

Uber Technologies Inc. (NASDAQ:UBER) will continue to work on the next generation of ridesharing vehicles, a senior executive said on Wednesday, as the ride-hailing company moves ahead with plans to acquire rival Uber Technologies, Inc. .

The acquisition, announced in October, is intended to bolster Uber’s core business by providing it with more than 10% of the Uber market.

The ride-sharing company, which operates in more than 140 countries, has been valued at more than $62 billion.

Ridership has continued to decline in the U.S., with the number of rideshare trips declined by more than 6% in the first nine months of 2017.

Uber is now looking to bring more drivers into the mix.

Rideshare company Lyft (NASR: LUV) also announced a $1 billion acquisition of Boston-based startup Otto on Wednesday.

Uber also is developing a new fleet of electric vehicles, which could be used by some drivers in the future, according to the executive.

The company has been testing a fleet of autonomous cars in Pittsburgh and San Francisco, but will not make the vehicles available to drivers until 2018, Uber said in a regulatory filing.

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