BBG: Uber Freight eyes tenfold boost in European Market by 2028

BLOOMBERG reports:

Uber Freight is stepping up efforts to expand in Europe’s fragmented logistics market and aims to increase tenfold to 2 billion euros its freight under management by 2028, with a digital platform that manages companies’ entire supply chains.

The freight business of Uber Technologies Inc. is smaller than the ride-hailing and delivery divisions, accounting for 14% of total revenue in 2023. While those other two units grew last year, freight revenue was down almost 25% from a year earlier, according to a recent SEC filing.

That slump is mostly blamed on weak trucking rates, but there are recent signs of a turnaround as supply chain snarls ease and bloated inventories deflate. Lior Ron, the founder and CEO of Uber Freight, said success with large companies in North America is among the biggest reasons for the digital push on the other side of the Atlantic.

“We have the Uber infrastructure in Europe we can build on from a technology perspective and a brand perspective, and on the other end we have US customers, global customers asking us to help,” Ron said in an interview. “We are very motivated to invest in Europe.”

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