WEBVTT - Uber CEO Dara Khosrowshahi Talks Asia Growth, Robo Taxis

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<v Speaker 1>Bloomberg Audio Studios, podcasts, radio news.

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<v Speaker 2>Well, our next guest runs ride Shair Giant Uber and

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<v Speaker 2>is visiting Asia seeking new avenues of growth. The company

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<v Speaker 2>has been successful in many markets in this region, but

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<v Speaker 2>has also faced regulatory hurdles and local competition. Joining us

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<v Speaker 2>exclusively now is the uberc of Dara Kosha Shawi rather

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<v Speaker 2>joining us this morning, Dar. So it's been a very

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<v Speaker 2>busy week for you today. If you've been Japan, Korea, Taiwan,

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<v Speaker 2>Hong Kong, what's been this sort of standout so far?

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<v Speaker 1>The key takeaways, well, the key takeaways for US is

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<v Speaker 1>growth the APAC market and in particular the North Asia

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<v Speaker 1>markets as well. They are huge growth markets for US.

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<v Speaker 1>And if you look, for example, in the ride share business,

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<v Speaker 1>over thirty percent of our global first trips coming into

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<v Speaker 1>the category come from the APAC region. The area is

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<v Speaker 1>growing very quickly, including taxi as well, which is actually

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<v Speaker 1>one of our newest products on the platform. So for me,

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<v Speaker 1>coming here, seeing the teams, meeting with local business people

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<v Speaker 1>and regulators and talking about how we can be part

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<v Speaker 1>of the future growth of the region is really what

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<v Speaker 1>my agenda is.

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<v Speaker 2>Early this year, you also put out a statement on

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<v Speaker 2>the robot taxi push as well, and so the Middle

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<v Speaker 2>East and Asia were the markets for twenty twenty five

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<v Speaker 2>to launch, and we've seen of course that initial deployment

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<v Speaker 2>in the Middle East already. What's happening on the Asia

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<v Speaker 2>side well, lots.

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<v Speaker 1>Of discussions on the Asia side. I think what's really

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<v Speaker 1>important is to set up a regulatory framework to go forward.

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<v Speaker 1>For example, Hong Kong has various trials and pilots going on,

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<v Speaker 1>and in many other markets we're talking to regulators about

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<v Speaker 1>how we can be a part of shaping ride share

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<v Speaker 1>and autonomous ride shair going forward. The technology is absolutely

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<v Speaker 1>getting there.

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<v Speaker 3>These are the.

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<v Speaker 1>Robot driver doesn't get tired, doesn't get distracted, and we

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<v Speaker 1>very much look forward to working with various authorities to

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<v Speaker 1>introduce rod share into the markets. We're now live in

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<v Speaker 1>four markets now as we speak, in the US and

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<v Speaker 1>in the Middle East, and I expect to be in

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<v Speaker 1>ten plus markets by next year, and we want those

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<v Speaker 1>markets to be in the Asia Pacific region as well.

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<v Speaker 2>Where then in Asia do you think is the most

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<v Speaker 2>likely place.

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<v Speaker 1>We'll see I think that certainly Japan has great potential,

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<v Speaker 1>you know, with.

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<v Speaker 2>They behind on their regulation, they are.

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<v Speaker 1>Behind in their regulation, but I think that they also

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<v Speaker 1>understand that with an aging population, there's a real need

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<v Speaker 1>for transportation, not just in the large cities but in

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<v Speaker 1>the rural areas. And for example, I experienced that personally

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<v Speaker 1>going to Kaga City and where we have communal ride

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<v Speaker 1>share and kind of took a ride share trip and

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<v Speaker 1>understood what the needs are there. So we're talking with

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<v Speaker 1>very countries regulatory authorities. I think Japan is going to

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<v Speaker 1>be part of it. I certainly hope that Hong Kong

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<v Speaker 1>is going to be a.

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<v Speaker 3>Part of it.

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<v Speaker 1>Australia, where we were just talking about, is a huge

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<v Speaker 1>market for us. So we're having those dialogues and I

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<v Speaker 1>think that the picture will shape up over the next

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<v Speaker 1>two years because the technology is definitely getting there.

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<v Speaker 2>Speaking of Hong Kong, because we do see the trials

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<v Speaker 2>that are underweight and they're being conducted by Baydu's Apollogo program.

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<v Speaker 2>Would you be looking to work with them on that

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<v Speaker 2>or are you working with them on that?

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<v Speaker 1>By Do is a partner of ours, So we partner

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<v Speaker 1>with Baidu. We're an we ride for example in Abu

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<v Speaker 1>Dhabi and expanding their ponies another partner of ours. So

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<v Speaker 1>We absolutely expect to be on the road with all

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<v Speaker 1>three of them. When you look at Chinese autonomous technology

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<v Speaker 1>and the development there, they are one of the leaders

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<v Speaker 1>on a global basis, and for us, we want to

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<v Speaker 1>partner with the whole autonomous ecosystem to bring this technology

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<v Speaker 1>to reality.

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<v Speaker 2>So just to clarify, you're expecting to ramp up the market.

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<v Speaker 2>So you're into ten autonamous driving markets ten plus yes

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<v Speaker 2>by next year, and you anticipate that those could also

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<v Speaker 2>come from the Asia region.

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<v Speaker 1>They could come from the Asia region, and they could

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<v Speaker 1>also involve some of the partners that we talked about.

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<v Speaker 3>By do we ride a pony?

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<v Speaker 2>And if not Hong Kong, then where else? Do you think?

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<v Speaker 2>In Japan? As I said, it's really is behind on

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<v Speaker 2>the regulatory side.

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<v Speaker 1>In every major market in which we operate, we are

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<v Speaker 1>having discussions with autonomous partners and then most importantly regulators

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<v Speaker 1>as to how we can introduce autonomous either in a

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<v Speaker 1>pilot way or within some restricted operational domain.

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<v Speaker 3>You know, everyone wants this product.

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<v Speaker 1>It's a product that's delightful in markets for example, in Atlanta,

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<v Speaker 1>in Austin and Abu Dhabi.

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<v Speaker 3>Our consumers love the product.

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<v Speaker 1>They feel safe, and this technology is hitting primetime now

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<v Speaker 1>and every major city in the world wants to be

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<v Speaker 1>a part of that revolution.

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<v Speaker 2>I do find it interesting on By in particular with

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<v Speaker 2>the Apollogo program, because they are conducting the trials here.

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<v Speaker 2>They're already starting to remove the human drivers across some

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<v Speaker 2>of their markets in mainland Shiner and the way that

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<v Speaker 2>you can get a buy to apologo ride in mainland

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<v Speaker 2>China is often through a buy do control platform. Do

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<v Speaker 2>you see that risk of them maybe pursuing that strategy

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<v Speaker 2>here instead of teaming up with you on it.

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<v Speaker 1>I don't think it's going to be black and white

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<v Speaker 1>in terms of the strategy. I think that there could

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<v Speaker 1>be many hybrid approaches, and I compare it to the

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<v Speaker 1>food delivery business. For example, we work with Starbucks or

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<v Speaker 1>McDonald's that has a direct app, and customers.

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<v Speaker 3>Go direct to get the food there.

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<v Speaker 1>At the same time they also participate in the marketplace.

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<v Speaker 1>So I think the autonomous ecosystem will be the same way.

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<v Speaker 1>There will be some kind of some customers going direct,

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<v Speaker 1>and we think that with the Uber marketplace, we can

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<v Speaker 1>bring the kind of demand that over two hundred million

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<v Speaker 1>monthly active platform customers can bring to autonomous so that

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<v Speaker 1>we get those cars on the road and incredibly busy

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<v Speaker 1>with very high utilization.

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<v Speaker 2>Let's talk about the US as well, because you're partnering

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<v Speaker 2>there with Weimo as well in certain cities. Perfect partner, Yeah,

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<v Speaker 2>terrific partnering. Actually in the latest earnings I think you

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<v Speaker 2>said excellent as well. But in some places Weimo is

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<v Speaker 2>expanding into new cities without you and becoming a direct competitor.

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<v Speaker 2>And that's something that was highlighted even by web Bush

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<v Speaker 2>earlier this week as being a potential risk for your

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<v Speaker 2>business next year.

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<v Speaker 1>How are you assessing that Well, I think it's the

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<v Speaker 1>same example that I gave you that in some ways

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<v Speaker 1>the McDonald's app is a competitor to Uber eats and

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<v Speaker 1>the two can co exist.

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<v Speaker 3>And it's very very early.

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<v Speaker 1>In the development of autonomous we have to make sure

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<v Speaker 1>that we have access to autonomous technology in the major

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<v Speaker 1>cities that have the right regulatory framework to allow autonomous

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<v Speaker 1>and we're very confident as we look at our roadmap

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<v Speaker 1>and we look at our partners, we have over twenty

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<v Speaker 1>partners autonomous partners globally that we will have access to

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<v Speaker 1>autonomous technologies in the large cities and markets that really count.

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<v Speaker 2>When you say access to twenty different partners, do you

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<v Speaker 2>think that that is the way that the industry will

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<v Speaker 2>continue to evolve or do you expect consolidation on the

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<v Speaker 2>robotaxi side as well or the autonomous driving software side.

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<v Speaker 1>We're seeing is this is a trillion dollar plus market

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<v Speaker 1>in terms of autonomous mobility. I think delivery eventually will

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<v Speaker 1>be of a similar size. And when you have markets

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<v Speaker 1>that are that large, you usually don't have winner take calls.

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<v Speaker 1>It's the same way with these LLM models. There are

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<v Speaker 1>many to choose from, whether it's an open AI or Gemini,

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<v Speaker 1>and I think the same will be true of autonomous

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<v Speaker 1>It's an exciting technology, but there are many players getting

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<v Speaker 1>to the finish line. We just have to make sure

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<v Speaker 1>that the players that we work with are safe and

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<v Speaker 1>that again we're working with the regulators in constructive manner.

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<v Speaker 2>Part of the strength of Uber, of course is your

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<v Speaker 2>data mode and just how much information you're collecting on

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<v Speaker 2>users and in the rise they're taking in their behavior patterns.

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<v Speaker 2>But other competitors in the market like way more like

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<v Speaker 2>tests are still continuing to build up that infrastructure as well.

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<v Speaker 2>So how secure do you see that data mode being well.

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<v Speaker 1>There's nothing secure about the technology space. There's always innovation,

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<v Speaker 1>and so we just have to move fast and isa ashulely,

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<v Speaker 1>the more important factor in Uber is our global coverage.

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<v Speaker 1>We operate in seventy countries, the demand that we're bringing

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<v Speaker 1>every day, We've got millions of consumers opening our app

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<v Speaker 1>all over the world, and we can point that demand

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<v Speaker 1>not just to our current driver partners and delivery partners,

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<v Speaker 1>but as autonomous comes in to autonomous partners.

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<v Speaker 3>You know, these are very.

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<v Speaker 1>Expensive cars, it's a very expensive technology, and you want

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<v Speaker 1>to amortize the upfront spen against as many transactions as possible.

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<v Speaker 1>And Uber certainly is though leader around the world in

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<v Speaker 1>terms of the demand that we can point to our

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<v Speaker 1>autonomous partners.

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<v Speaker 2>Yeah, when you talk about capital and just general capital

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<v Speaker 2>raising plan, an interesting move that you made earlier this

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<v Speaker 2>year was raising one point two billion dollars by selling

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<v Speaker 2>those exchange the senior bonds linked to your stake in Aurora.

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<v Speaker 2>A few details in that one, but do you see

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<v Speaker 2>yourself doing that again in twenty twenty six something similar

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<v Speaker 2>again just to it was really seen as an innovative

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<v Speaker 2>and creative way, I guess to raise money.

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<v Speaker 1>Well, we have a very creative team. I think the

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<v Speaker 1>good news for us is we're now free cash flowing

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<v Speaker 1>close to ten billion dollars, and we expect that to

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<v Speaker 1>increase substantially over the next couple of years. So through

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<v Speaker 1>a combination of the substantial free cashow that we have

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<v Speaker 1>and also monetizing some of the equity stakes that we

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<v Speaker 1>have in other companies. Now it's over ten billion dollars.

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<v Speaker 1>We think we have plenty of capital to be able

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<v Speaker 1>to continue to invest in our autonomous technology partners or

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<v Speaker 1>building out a fleet presence or vehicles across the autonomous

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<v Speaker 1>ecosystem so that.

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<v Speaker 3>We can continue to be a leader in the space.

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<v Speaker 2>You're well capitalized. That's sort of taking away from that,

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<v Speaker 2>But would you look to do something similar with your

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<v Speaker 2>stakes in d D and GRAB in particular.

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<v Speaker 3>I think we'll be opportunistic.

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<v Speaker 1>Certainly, we love GRAB and it's a strategic partner of ours.

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<v Speaker 1>D D of course hasn't gone public yet, so to

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<v Speaker 1>the extent we have an opportunity, we will look to.

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<v Speaker 1>You know, we call it recycling the investments that we've made.

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<v Speaker 1>But at the same time, we don't need to do

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<v Speaker 1>that because the company continues to.

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<v Speaker 3>Throw off cash flow. We have a lot of options

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<v Speaker 3>ahead of us.

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<v Speaker 2>I want to talk about also the sparsa geography's strategy

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<v Speaker 2>and the importance of that. Can you maybe spell it

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<v Speaker 2>out a little bit for people exactly what you mean

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<v Speaker 2>by that, because it is interesting as you make sort

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<v Speaker 2>of a push into lots of different centers, it actually

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<v Speaker 2>seems to be less the urban centers that are doing

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<v Speaker 2>well for you as a company.

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<v Speaker 1>Well, the urban centers continue to grow, but I do

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<v Speaker 1>think that we as I reflect on Uber's growth, we

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<v Speaker 1>used to be a big city company, and what we're

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<v Speaker 1>seeing is there's enormous demand for both mobility and delivery

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<v Speaker 1>outside of the large cities and the most sparse markets,

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<v Speaker 1>the suburbs, et cetera. And our growth in the sparse

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<v Speaker 1>markets is anywhere from two to three times faster for

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<v Speaker 1>mobility and delivery than in the big urban markets, even

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<v Speaker 1>though the urban markets are growing at the same time.

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<v Speaker 1>Some governments actually need access to mobility. You know, there

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<v Speaker 1>isn't great taxi service in some of these rural destinations

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<v Speaker 1>in Japan. Bus services is also not readily available. So

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<v Speaker 1>you know, as Uber, obviously we run a business, but

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<v Speaker 1>we want to be there for stakeholders, and we want

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<v Speaker 1>to help address some of the needs of the government

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<v Speaker 1>in Japan in particular, rural transportation is a real need,

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<v Speaker 1>and we wanted to step up and give back to

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<v Speaker 1>Japanese society because that market has been such a great

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<v Speaker 1>market for us. And that's what communal ride share in

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<v Speaker 1>these rural destinations like Carga City is all about. I

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<v Speaker 1>experienced it myself. The countryside is absolutely beautiful and you know,

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<v Speaker 1>our driver was so thankful. Actually runs a soba shop

0:12:18.200 --> 0:12:19.320
<v Speaker 1>that's on Uber Eats as well.

0:12:19.320 --> 0:12:22.040
<v Speaker 3>He delivers for Uber Eats. He's a part of.

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<v Speaker 1>Our ecosystem and it's amazing to see that happen not

0:12:24.400 --> 0:12:26.520
<v Speaker 1>just in the big cities, but also in a lot

0:12:26.520 --> 0:12:28.240
<v Speaker 1>of small cities and rural destinations.

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<v Speaker 2>What do you make then for India in particular, because

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<v Speaker 2>of course you'd be competitive there is rapid of and

0:12:33.720 --> 0:12:38.000
<v Speaker 2>then they've been very successful with a slightly different operating model,

0:12:38.000 --> 0:12:40.840
<v Speaker 2>but including going down into the lower tier or solar

0:12:40.920 --> 0:12:44.360
<v Speaker 2>tier cities. How do you also stay competitive there and

0:12:44.400 --> 0:12:48.400
<v Speaker 2>does that sparse a geography strategy also fit for India?

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<v Speaker 3>Yeah, very much so.

0:12:49.440 --> 0:12:52.439
<v Speaker 1>So with India really the fastest growing part of the

0:12:52.440 --> 0:12:55.440
<v Speaker 1>Indian market is two wheelers and three wheelers, and the

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<v Speaker 1>business model is different. Actually it's not a commission model,

0:12:59.000 --> 0:13:02.680
<v Speaker 1>but it's actually subscript model as well. Rappido's a real

0:13:02.800 --> 0:13:05.319
<v Speaker 1>upstart there, but over the past months we've been pushing

0:13:05.360 --> 0:13:09.400
<v Speaker 1>back against them and India continues to be a hugely

0:13:09.480 --> 0:13:11.840
<v Speaker 1>promising market for us, so we're very happy about the

0:13:11.840 --> 0:13:13.040
<v Speaker 1>recent results that we're seeing.

0:13:13.600 --> 0:13:15.599
<v Speaker 2>Dara, thank you much for joining us this morning. That

0:13:15.720 --> 0:13:18.520
<v Speaker 2>was Dara Costrachahi there, the CEO at Uber in an

0:13:18.559 --> 0:13:19.400
<v Speaker 2>exclusive interview