Uber slashed the price of its UberX transportation tier in New York City by 20 percent on Monday, making rides booked via the car-hailing smartphone app cheaper than a traditional yellow cab for the first time.Rides from Williamsburg on the edge of north Brooklyn to the East Village in Manhattan will now cost, on average, $15. That’s down from $19 at the old fare, and it’s a dollar cheaper than a taxi. From Grand Central Station to the Financial District, UberX will now cost $22 instead of $28, making it $2 cheaper than a cab. The price cut is only in effect for a limited time as Uber determines whether it makes smart business sense — or, more importantly, if it helps better grind away at the traditional taxi industry, which Uber is bitterly battling against in cities around the globe. UberX is the tier of drivers who either rent or use their own civilian vehicles — typically Honda sedans and Toyota Priuses — and work on their own time, deciding when and for how long they will ferry passengers around. Instead of being employed directly by Uber at specified rates like regular taxi, private car , and limousine services… Read full this story
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