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Uber stock climbs on NYC taxi partnership
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Shares of Uber are trading higher Tuesday as the ride-hailing giant says it will start listing New York City taxis on its app.
UBER TECHNOLOGIES INC.
The surprising shift, which comes as Uber has faced opposition from taxi groups for years, is part of a partnership with taxi-hailing apps Curb and Creative Mobile Technologies to offer more transportation options for riders and more trips for drivers.
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A beta for Uber's taxi rides will roll out to a limited number of New York City customers this spring before its official launch this summer. Taxi passengers will be charged around the same price as an Uber X ride, according to the company.
Unlike Uber drivers, taxi drivers will be able to see what a trip will pay prior to accepting it. For the initial launch in New York City, drivers' earnings will be based on the Taxi and Limousine Commission's mandated for-hire vehicle (FHV) minimum rates. According to the company, taxi drivers will not be eligible for the recently announced fuel surcharge, as the FHV minimum reflects a 5.3% cost of living increase.