Uber unveils a plethora of new Products at its Global Product Event.

Hosting their Second Annual Product Event, the Ride-hailing Company announced various new products and features for the primary purposes of attracting a wider range of Customers, while simultaneously increasing their Profits. Uber’s CEO Dara Khosrowshahi has announced that these new Products are to act asset that could allow the Company to Cut their Costs and slow down their Hiring process, all of which is Uber’s effort into becoming a more Streamlined version of a Car Service Business.

Khosrowshahi noted that Uber’s new variety of Products fall under two distinct categories: Go Anywhere and Get Anything.

‘Go Anywhere’ Products

Focusing mainly on Products that aid in the Company’s initial Service of Transporting People, in light of this Uber announced ‘Uber Travel’, a wholly new Vehicle Booking Service that will consider all aspects of an Individual’s Journey. By simply connecting their Gmail Account while Booking an Uber, the app will then automatically help the individual in organizing their Hotels, Flights or Restaurant Reservations all in one place. Moving on to ‘Uber Charter’, a new product that is the Company’s first foray into employing the use of Party Buses. This is aimed primarily at transporting a large group of people that may be partaking in certain large-scale functions such as weddings. Furthermore, Uber is adding on to Uber Green service with ‘Comfort Electric’ that will offer Riders Premium Environmentally Friendly Vehicles such as Tesla Models S, 3, X and Y along with various other Electric Vehicle at a reasonable price point that falls between Uber Comfort and Uber Black. In addition to the ‘Comfort Electric’ service, Uber is also creating a new Hub for their Drivers who utilize these ‘Comfort Electric’ Vehicles. Designed to transition more Drivers towards adopting Electronic Vehicles, the Hub will act as a cost comparison application between regular vehicles and electronic vehicles.

‘Get Anything’ Products

Aiming to expand the Company’s thriving Delivery Business, these products are geared to focus on the Company’s various Takeout and Grocery Delivery Business. The first aspect of which is Uber’s partnership with Google through ‘Google Home’ Smart Devices that will now be able to be used to order home delivery through Uber Eats. Uber is also delving into the Vast World of Robotics through their partnership with Serve Robotics and Motional, two Autonomous Vehicle Companies. The purpose of this partnership is to develop and test Robot Deliveries, a field which Uber is expressed great interest in expanding into in the past. Lastly, Uber is also aiming to start offering their Uber Eats services to a number of Stadiums throughout America and France. Targeted at major Sport Fans, Uber aims to make things convenient for them order food and pick it up at Concessions Stands, thus effectively reducing peoples’ line-waiting time without making them miss the game.

Future Outlook for the Company

With the Company aiming to evolve alongside the changing demands of everyday life, Khosrowshahi expresses great optimism for the future of Uber. Although due to the Company’s shares sinking earlier this year, this motivated Khosrowshahi to start moving on Cutting the Company’s spending on its Marketing and Incentives, hoping instead to achieve profitability on a free cash flow basis. However, despite this setback Analyst argue that Uber will continue to persevere in the Pandemic-ridden market due to the Company’s strong focus on Product Innovation and Cross-Platform Advantages.