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Uber Technologies (NYSE:UBER) said it will pay 175 people in seven U.S. and Canadian cities $1,000 to ditch their cars for five weeks and use alternate transportation in a promotion called “One Less Car.”
The challenge is open to car owners in Los Angeles, Chicago, Washington D.C., Miami, San Francisco, Toronto, and Vancouver. The carless trial will run from July 22 to August 25.
“Based on the average monthly cost of vehicle ownership in the U.S., we’ll provide selected participants with $1,000 to use alternative transportation options to get around instead of relying on their private car. These options will include car-free offerings like public transit, Lime e-bikes and e-scooters bookable in the Uber app, plus car rentals, and rideshare.”
Uber Technologies (UBER) said it is out to show that it is possible to make the switch to a car-light lifestyle, saving both money and emissions, while contributing to more livable cities.
Shares of Uber Technologies (UBER) tricked 0.11% lower in early trading on Thursday. The stock is up 15% on a year-to-date basis, but is down from its high earlier in the year of $82.14. While Q2 earnings are not due out from Uber (UBER) until early August, analysts have become more confident about the report, with 20 of the last 26 EPS revisions being to the upward side. It is a similar story with Lyft (LYFT), with 21 of the last 24 EPS revisions being higher.