Along with the city of London’s decision to outright ban the use of Uber, citing passenger safety concerns, new legal and regulatory challenges are popping up across the globe for the ride sharing industry. US states like New York, California, and New Jersey have launched the largest challenges against companies like Uber and Lyft, and it’s already resulted in huge price hikes, as well as hundreds of millions in unpaid tax bills. This could be hugely damaging to the profitability ambitions of so many loss-generating enterprises in the space. Ride sharing, like most of the “gig economy” has benefitted from a wild-west style regulatory landscape for some time, largely due to the unprecedented issues that always come with new technologies, but states are now looking to crack down in the name of workers’ rights.
To read this Market Insight, you’ll need to sign in
If you don’t have a subscription, get in touch for a free trial.
