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$500 million invested by Uber in Mexico

Reuters / Share:
The logo of Uber is pictured during the presentation of their new security measures in Mexico City, Mexico April 10, 2018. Reuters

Mexico City (Reuters) – The figure includes contributions to government-run mobility funds, “social responsibility” projects and unspecified security spending, it said.

As Uber confronts regulatory battles in Europe and heightened competition in Asia and the United States, Mexico, Latin America’s second-biggest economy, represents an opportunity for the company to establish a secure foothold in a major market.

But Uber has faced pressure to step up its game with the arrival of Chinese ride-hailing giant Didi Chuxing Technology Co, which launched operations in the central Mexican city of Toluca in April and has announced it is rolling out services to other cities.

Uber also said it will remodel its Mexican support centres in addition to giving riders in Mexico the option to tip drivers through its mobile app.

Mexico is Uber’s fourth-biggest country by number of rides, trailing the United States, Brazil and India.

The company operates in 21 of the country’s 32 states, but the remaining states have regulations that are unfavorable to ride-hailing firms, Federico Ranero, general manager for Uber in Mexico, told Reuters yesterday.

Of the states where Uber does not currently operate, he said Uber is particularly interested in expanding in Veracruz, Durango, Tamaulipas and Hidalgo.

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