Uber Technologies Inc. (NASDAQ:UBER) has taken a series of new initiatives to prepare for the anticipated surge in demand during the upcoming Olympics in Paris, France.
Among these is a unique offering of free Seine river cruises, known as “Uber Cruises,” available from July 12 to August 3. Additionally, Uber is launching “Uber Bubbles,” which includes a day trip featuring champagne tastings.
To support these efforts, Uber plans a significant investment in driver incentives and rider discounts, and the exact amount has not been disclosed, reported Reuters.
The measures aim to accommodate over 15 million visitors expected this summer, a 30% increase from previous years, placing a heavy load on Paris’ public transportation system.
Uber expects to have a record 40,000 drivers available on its platform during the Olympics.
Uber is also targeting cost-conscious customers with more affordable options and promotions, particularly in high-traffic areas such as airports and train stations.
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Dynamic pricing will be utilized, but the company is committed to offering discounts to manage the influx of nearly one million expected users at key locations.
The ride-hailing company has secured approval from the Préfecture de Police for its app to be used throughout Paris, granting drivers access to restricted areas.
Uber will provide continuously updated maps and routing information within the driver app to facilitate smooth operations, highlighting zone restrictions and road closures.
Over 130 new Uber Access vehicles will also be added to the fleet to ensure better service during this period.
UBER stock has gained more than 69% in the last 12 months. Investors can gain exposure to the stock via IShares U.S. Transportation ETF (BATS:IYT) and Fidelity Electric Vehicles And Future Transportation ETF (BATS:FDRV).
Price Action: At the last check on Wednesday, UBER shares were trading higher by 0.57% at $63.89.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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