Uber is really taking on the car industry, not just the taxi business

In an effort to grow its business and market share, the smartphone-summoned car service is cutting prices 20% to 25% for its UberX service (for smaller cars), hoping to increase ridership. New York Times economics correspondent Neil Irwin recently spoke with Uber CEO Travis Kalanic and tells Yahoo Finance that what Uber really wants is “a world where people use this kind of service rather than buying their own car.” In June, Uber was valued at $17 billion based on investments pouring into the company. Irwin says investors are taking the long view as Kalanick seeks to push Uber to the level of Amazon (AMZN) and Google (GOOG).

Uber Business