Uber’s Auto Leasing Scrutinized After Singapore Safety Issues
- Startup says it took ‘swift action’ after Singapore car fire
- Banks led by Goldman Sachs lent at least $1 billion to efforts
Techonomy CEO David Kirkpatrick discusses the scrutiny on Uber Technologies Inc.'s auto-lending program after the Wall Street Journal reported that the company leased cars prone to fires in Singapore. He speaks with Bloomberg's Caroline Hyde on 'Bloomberg Technology.' (Source: Bloomberg)
Uber Technologies Inc.’s auto-lending program is facing new questions after the company leased cars prone to fires in Singapore.
The ride-hailing company borrowed capital from Goldman Sachs Group Inc. and other banks used to purchase more than 1,000 defective Honda Motor Co. vehicles from importers, according to the Wall Street Journal. Uber managers in Singapore were aware that Honda had recalled the Vezel models when it bought and leased them to drivers, and at least one car burst into flames in January, the newspaper reported.