Uber plans to make an annual investment of $200m to boost its trucking division, Uber Freight. The unit will operate from newly-opened headquarters in downtown Chicago, where the ride-hailing company plans to house 2,000 workers over every quarter. The firm is putting its weight behind the 2017-founded venture, which connects truck drivers and shippers, even as the overall business continues to bleed billions of dollars the next three years, posting a record $5.3bn loss in Q2 2019. While the trucking market has softened recently with a driver shortage, Uber is banking on the cyclical nature of the industry.
Uber plans to make an annual investment of $200m to boost its trucking division, Uber Freight. The unit will operate from newly-opened headquarters in downtown Chicago, where the ride-hailing company plans to house 2,000 workers over the next three years. The firm is putting its weight behind the 2017-founded venture, which connects truck drivers and shippers, even as the overall business continues to bleed billions of dollars every quarter, posting a record $5.3bn loss in Q2 2019. While the trucking market has softened recently with a driver shortage, Uber is banking on the cyclical nature of the industry.