Uber Belies Reports It Is Selling Its ASEAN Business to Rival Grab

Months ago, at around the end of January 2018, rumors began circulating that Uber Technology, Inc. was supposedly planning to sell its Southeast Asia operations to rival ride-sharing and transportation network company Grab. What started the rumor was Japanese bank Softbank's investment into Uber to the amount of $1.2 billion which was finalized weeks before on January 17, 2018. While a bank investing its money into a company is not new, what piqued some people's interest is that Softbank is also an investor with Grab, with reports stating that it has, along with other investors, already injected $3.5 billion into the company and is now its largest shareholder with a 15 percent stake.

As soon as the rumors of Grab's planned buyout of Uber started to spread in January 2018, Carmudi.com.ph personally asked Uber Philippines government relations and public policy chief Yves Gonzalez if this was true but he merely laughed it off.

The rumors, however, still persisted, prompting the Land Transportation Franchising and Regulatory Board (LTFRB) to ask Uber Philippines and Gonzales himself recently if this was true.

According to the agency, Uber Philippines relayed Uber headquarter's stand that it will not sell its Southeast Asian operations but instead will continue "to invest more" in the region.

Uber CEO Dara Khosrowshahi himself dismissed the rumor on a recent visit to Asia in February 2018. According to Reuter.com, the Uber boss said that while the company expects to lose money in Southeast Asia, it is also planning to "invest aggressively in terms of marketing, subsidies, etc."

"From a competitive standpoint, we think we can improve," Khosrowshahi reportedly said. "We will look at anything... But right now the plan for Southeast Asia is to go forward, lean forward and to invest."

On the local front, LTFRB board member Atty. Aileen Lizada shared that Gonzalez relayed the same information to her as well.

If ever Grab does acquire Uber's Southeast Asian operations, there should be no problem with the latter's drivers and peer operators moving to the former since, as stated by Lizada in a statement, " CPCs (Certificate of Public Convenience) now are generic (and) no longer exclusive to any TNC (transport network company)."

 

Read All

Featured Articles

Recommended Articles For You

Read All

Featured Cars

  • Upcoming

Car Articles From Zigwheels

  • News
  • Article Feature
  • Advisory Stories
  • Road Test
  • New Isuzu PH chief says current D-Max to stay for a while
    New Isuzu PH chief says current D-Max to stay for a while
    Paulo Papa . Apr 25, 2025
  • GAC Honda GT, Dongfeng Honda GT showcased at Auto Shanghai 2025
    GAC Honda GT, Dongfeng Honda GT showcased at Auto Shanghai 2025
    Cesar Miguel . Apr 25, 2025
  • ‘BMW Demo Fest’ lets PH buyers shop for cars at trimmed-down prices
    ‘BMW Demo Fest’ lets PH buyers shop for cars at trimmed-down prices
    Ruben Manahan IV . Apr 24, 2025
  • Mazda unveils EZ-60 at Auto Shanghai 2025
    Mazda unveils EZ-60 at Auto Shanghai 2025
    Cesar Miguel . Apr 24, 2025
  • Omoda, Jaecoo showcase latest NEV models at Auto Shanghai 2025
    Omoda, Jaecoo showcase latest NEV models at Auto Shanghai 2025
    Cesar Miguel . Apr 24, 2025
  • Mazda BT-50: old vs. new
    Mazda BT-50: old vs. new
    Cesar Miguel . Apr 24, 2025
  • Check out the Suzuki Dzire Hybrid's 2 trims
    Check out the Suzuki Dzire Hybrid's 2 trims
    Cesar Miguel . Apr 24, 2025
  • Here’s what inside the BYD eMAX 7
    Here’s what inside the BYD eMAX 7
    Cesar Miguel . Apr 23, 2025
  • BYD Shark 6 DMO vs. Changan Nevo Hunter REEV
    BYD Shark 6 DMO vs. Changan Nevo Hunter REEV
    Paulo Papa . Apr 23, 2025
  • Here’s what to expect on the road this Holy Week
    Here’s what to expect on the road this Holy Week
    Paulo Papa . Apr 16, 2025
  • What should you visit first at MIAS 2025?
    What should you visit first at MIAS 2025?
    Cesar Miguel . Apr 11, 2025
  • Do you really need 4x4 for overlanding?
    Do you really need 4x4 for overlanding?
    Cesar Miguel . Mar 26, 2025
  • Number coding 2025: what you need to know
    Number coding 2025: what you need to know
    Paulo Papa . Mar 09, 2025
  • EVs still require lubrication, JAMA execs say
    EVs still require lubrication, JAMA execs say
    Paulo Papa . Mar 09, 2025
  • Ensure your vehicle is Summer road trip-ready by following these tips
    Ensure your vehicle is Summer road trip-ready by following these tips
    Paulo Papa . Mar 06, 2025
  • First drive: Changan Lumin
    First drive: Changan Lumin
    Cesar Miguel . Apr 22, 2025
  • JAC JS4: from daily drives to ‘vacay’ vibes
    JAC JS4: from daily drives to ‘vacay’ vibes
    Paulo Papa . Apr 22, 2025
  • First drive: Jetour X70 Lightning i-DM
    First drive: Jetour X70 Lightning i-DM
    Paulo Papa . Apr 03, 2025
  • Changan CS15: no-fuss daily driver
    Changan CS15: no-fuss daily driver
    Cesar Miguel . Mar 27, 2025
  • First drive: Mercedes-Benz EQE 350+ AMG Line
    First drive: Mercedes-Benz EQE 350+ AMG Line
    Paulo Papa . Mar 21, 2025