News (11.06.20): Tesla NYC Yellow Cabs Have Arrived, NYC Rideshare Demand Recovering Says Uber CEO, Florida Lender Scammed Uber, Lyft Drivers With Interest Rates of Over 900%
Select news headlines for Friday, November 6th 2020.
First Tesla Model 3 NYC yellow cab hits the road (Electrek)
Electrek reader Albert Lee spotted a Tesla Model 3 with the official NYC Yellow cab plates in Manhattan near Tesla’s store in the Meatpacking District.
The new Tesla Model 3 NYC yellow cabs follows a nascent trend nationwide of for-hire fleets experimenting with fully electric cars.
Electrek cites Columbus Yellow Cab buying 10 Model 3s to speed up its fleet (170 taxis) electrification plans. It also cites a fleet of 40 Tesla Model 3s operated by Green Cab Madison in Wisconsin used in an all-electric taxi service.
“Tesla Taxis” are popular in certain European markets, such as the Netherlands. Since 2014 there has been a fleet of over 100 Teslas serving Amsterdam airport.
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New York ride-share demand recovering despite big losses, Uber CEO says (Crain’s)
On a call with investors, Uber CEO Dara Khosrowshahi said NYC Uber trips had "improved significantly" from the start of the pandemic, although they were down about 37% last month from October 2019
Uber’s CEO also mentioned rides in the city outside of typical commuting hours have nearly matched their pre-pandemic levels.
"We are getting a broader demand set at broader hours of the day…Now it's, 'Hey, I've got to go get groceries, and I'm going to use Uber.'" - Uber CEO Dara Khosrowshahi
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Florida Lender Scammed Uber, Lyft Drivers, CFPB Suit Says (Bloomberg Law / CFPB)
Consumer Financial Protection Bureau (CFPB) sued Driver Loan LLC for making false statements about small-dollar loans and other financial services the Miami company provided to Uber and Lyft drivers.
Driver Loan and its chief executive, Angelo Jose Sarjeant, is accused of falsely advertising interest rates on 15-day loans up to $500.
According to a complaint filed with the US District Court for the Southern District of Florida the loans were advertised to carry interest rates of 440% when in reality the rates were closer to 975%!
“The Bureau’s complaint, filed in the United States District Court for the Southern District of Florida, alleges that since 2017, Driver Loan purports to have offered short-term, high-interest personal loans totaling over $30 million, typically to drivers who work with ride-share companies. The loans range from $100 to $500 each and are repayable in 15 daily installments. The Bureau alleges that Driver Loan deceptively markets its loans as having an APR of 440% when the actual APRs are about 975%.” - Consumer Financial Protection Bureau (CFPB)
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