Where $9 Billion of Ride-Sharing Funding Has Gone So Far in 2016
Believe it or not but the world's biggest oil nation alongside giant car companies are funding startups that may change forever the way we get around. Here's why.
Uber Turns to Middle East for $3.5B Investment
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Ride-sharing apps have been attracting big money since the start of the year, with Saudia Arabia’s $3.5 billion investment Thursday into Uber Technologies Inc. only the most recent example of the industry's $9 billion's haul.
Some are passive investments in the future of transportation. Others have a strategic rationale, ranging from a desire to sell more cars to cab drivers to upending the traditional rental-car market. In several cases, automakers are joining startups in ventures that could end car ownership as we know it today. In that future, we get to Point A from Point B summoning fleets of self-driving cars by smartphone.