Date
9 December 2018
Uber is preparing for a possible stock market listing in 2019, CEO Dara Khosrowshahi reiterated on Wednesday. Photo: Reuters
Uber is preparing for a possible stock market listing in 2019, CEO Dara Khosrowshahi reiterated on Wednesday. Photo: Reuters

Uber remains on track for IPO next year, says CEO

Uber Technologies is on track to launch an initial public offering (IPO) next year and the company has no plans to sell its self-driving car research arm, its chief executive said on Wednesday.

Uber is preparing to address the requirements of a publicly traded company, Dara Khosrowshahi told Reuters in an interview.

“The growth rates for a company our size are unrivaled. Right now, we’re on track for an IPO next year, market conditions permitting,” he said.

Khosrowshahi, who has led Uber for a year, said he is not concerned if rival ride-hailing firm Lyft goes public first as he expects enough demand for both companies.

“Historically, there has been plenty of funding for Uber, for Lyft, etc. and we don’t think that’s going to change,” he said. “This is an enormous market we are going after.”

In other comments, Khosrowshahi told Reuters that Uber will not sell Advanced Technologies Group, the firm’s self-driving car research arm, “at this time”.

“Ultimately, it is a big asset that we are building and we can monetize that in whatever way we want to. It’s not something we’re thinking about it at this point,” he said in an interview after a media event to unveil changes to improve the safety of drivers and riders.

Uber is “quite optimistic” it can resume testing of self-driving cars later this year after a fatal crash involving an autonomous Uber car in Tempe, Arizona in March, the CEO said. 

Advanced Technologies Group will “absolutely” be a part of Uber after the initial public offering, but it will also partner with other companies that are building self-driving technology, Khosrowshahi said. “We want to get the technology ready for prime time as soon as possible.” 

Khosrowshahi unveiled new efforts to ensure the safety of US drivers and passengers by using software to detect unusual events including crashes.

Uber will use software to flag atypcal rides and would contact drivers and riders in the event of a possible crash, in what it calls “Ride Check.” The feature could be prompted by a long unexpected stop during a trip.

The company also plans to use sensors on the driver’s phone to analyze acceleration data and other factors to detect probable crashes, according to the report.

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RC

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