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Uber Enters Trailer Leasing Business

Uber Enters Trailer Leasing Business

By Reuters | Updated: 18 October 2018 10:42 IST

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Highlights

The business, called Powerloop, will be a part of Uber Freight
Uber Freight connects truckers with shippers
Powerloop is currently available in Texas, US

Uber Technologies said on Wednesday it is entering the trailer leasing business.

The business, called Powerloop, will be a part of Uber Freight, which connects truckers with shippers, the company said.

Powerloop, which would rent trailers to carriers, is currently available in Texas, Uber said, adding that it expects to expand the new business to other US regions.

Powerloop's first customers include brewer Anheuser-Busch.

Money-losing Uber has been seeking new avenues of growth, including food delivery services, even as it battles intense competition in its core business of ride-hailing.

In August, the company said it would create a standalone business out of its long-haul trucking business, with plans to double its investment in the unit to drive growth.

San Francisco-based Uber plans to go public next year and could be valued at $120 billion (roughly Rs. 8.8 lakh crores), according to a media report.

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