Uber stock climbs on NYC taxi partnership

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Uber stock climbs on NYC taxi partnership
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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.

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 minimum rates. According to the company, taxi drivers will not be eligible for theA 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.

"Uber has a long history of partnering with the taxi industry to provide drivers with more ways to earn and riders with another transportation option," Andrew Macdonald, Uber's senior vice president of mobility and business operation, told FOX Business in a statement. "Our partnerships with taxis look different around the world, and we’re excited to team up with taxi software companies CMT and Curb, which will benefit taxi drivers and all New Yorkers.

Other cities where Uber provides taxi service include Hong Kong, Berlin, Bogota, Cali, Barcelona, Madrid, Málaga, Valencia and Barcelona.

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