Uber CEO Dara Khosrowshahi said on Tuesday there’s plenty of driver supply however the demand for rides outpaces supply.
“ETAs are higher than we want them to be, surge level prices have increased as we have not seen drivers supply keep up with the demand growth in the U.S.,” Khosrowshahi said at the J.P. Morgan Technology, Media and Communications Conference.
With COVID 19 restrictions easing around the world, people are ready to travel and go out of their homes. However, the rideshare companies such as Uber are still dealing with a slow return of drivers. If the companies can’t bring in enough drivers to meet demand, they could face annoyed customers
Uber said last month that it would spend $250 million aimed at getting drivers back on the road.
“We will continue to provide targeted incentives for new and existing drivers,” Khosrowshahi said in a first-quarter earnings call earlier this month.
Lyft, which is also a rideshare company, also said earlier this month that it would take advantage of the cuts from the price hike to fund investment to bring back more drivers.
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