Uber to be profitable within 3 years: CEO Dara Khosrowshahi
London: Uber Technologies Inc., whose losses have piled up in the quest for growth around the world, will be profitable within three years, said chief executive officer Dara Khosrowshahi.
Bending the company’s financial trajectory out of the red would be a dramatic shift for the global ride-hailing service, which has been losing billions of dollars per year. Speaking at the World Economic Forum in Davos, Khosrowshahi said that even as Uber would continue to be aggressive about expansion, it was finding ways to be more efficient.
Six months into his tenure leading Uber, Khosrowshahi is attempting to reverse what has been an unprecedented period of turmoil at the San Francisco-based company. The company is facing various government investigations, allegations of sexual harassment and increasing competition from rivals around the world. Khosrowshahi said his goal for 2018 is to “get back to normalcy” after the challenges left by former CEO Travis Kalanick.
“Breakneck growth can hide cultural issues,” he said.
Khosrowshahi said the company was investing heavily in autonomous car technology and that it would begin adding the cars in some cities within 18 months. The vehicles will at first only carry passengers on select routes that will expand over time.
The company is also developing vehicles that will fly people to certain destinations within cities that Khosrowshahi predicted will be available for customers within 10 years. Bloomberg