Palm Beach, FL – August 9, 2022 – Rideshare companies are evolving to utilize technology to make riders safer for their drivers and passengers. Ride-sharing is a vehicle service that matches drivers of private cars with people looking for local transportation. It’s an arrangement where passengers connect with drivers through mobile apps or websites. Then they are taken to a certain destination alongside other commuters. The ride-sharing industry has grown at a rapid rate in recent years. Increased population and industrialization around the world, especially in larger cities means an increase in road traffic, and the need for comfortable transportation is at an all-time high. A recent report said that the ride-sharing industry is worth an estimated $61 billion and is projected to reach an estimated $220 billion by 2025. Consumer reports recently discussed a new study from the Insurance Institute for Highway Safety (IIHS) estimates that putting alcohol detection technology in all cars has the potential to save more than 9,000 lives per year. Anyone with a driver’s license knows that alcohol- or drug-impaired driving is illegal. Yet according to the National Highway Traffic Safety Administration, more than 10,000 people are killed in crashes involving drunk drivers every year. That’s nearly 30 percent of all motor vehicle fatalities, a percentage that has remained static every year over the last decade. Active companies in the markets this week include: SOBR Safe, Inc. (NASDAQ: SOBR), Uber Technologies, Inc. (NYSE: UBER), Lyft, Inc. (NASDAQ: LYFT), Grab Holdings Limited (NASDAQ: GRAB), Acadia Healthcare Company, Inc. (NASDAQ: ACHC).
The article added: “This analysis shows a critical way to prevent road deaths, and we need to get rules on the books now,” says William Wallace, Consumer Reports’ manager of safety policy. “There’s no need to wait. Congress should direct NHTSA to require new cars to come with drunk driving prevention technology. The type of alcohol detection technology CR highlighted in a report (pdf) released recently is designed to operate much like the ignition interlock devices many court systems require convicted drunk drivers to install in their vehicles. A sensor detects the amount of alcohol on the driver’s breath, and if he or she is over the legal limit, the car won’t start. Unlike interlock devices, though, newer alcohol detection technology measures blood alcohol concentration (BAC) through normal breathing from the driver’s seat. No additional steps are needed.”
SOBR Safe, Inc. (NASDAQ: SOBR) BREAKING NEWS: SOBRsafe Partners with RubiRides to Introduce a Higher Level of Safety to the Rideshare Market – SOBRsafe enters the rideshare arena by equipping RubiRides drivers with its wearable alcohol detection band SOBRsure, giving parents additional confidence – SOBR Safe, Inc. (SOBRsafe or the Company), providers of industry-leading alcohol safety solutions, today announced its partnership with rideshare company RubiRides, an innovative membership-based service that delivers reliable transportation with an emphasis on safety for children through a network of rigorously vetted and highly dedicated drivers. Introducing an unprecedented standard of safety verification to the rideshare market, SOBRsafe will supply RubiRides’ growing pool of drivers with SOBRsure, its wearable wristband that detects alcohol as emitted through the skin’s pores. SOBRsafe will empower RubiRides management with a centralized, real-time reporting and safety intelligence platform.
This partnership represents SOBRsafe’s entrance to ridesharing, and the industry’s first opportunity for uniform, continuous alcohol safety monitoring. Initially launching with 30 drivers in Washington, Maryland and northern Virginia, with additional markets launching soon. RubiRides anticipates equipping up to 500 drivers with the SOBRsure band by the end of 2022.
“We see tremendous opportunity in the ridesharing industry, and RubiRides is an ideal launch partner with their overarching commitment to rider safety,” said Michael Watson, SOBRsafe’s Chief Revenue Officer. “With this partnership, we aim to give parents increased peace of mind when their children need a ride, and to redefine safety for the greater rideshare industry through preventative, on-person alcohol detection. This is a proud and exciting phase of our evolution as a company, and we are deeply committed to growing with RubiRides as they accelerate expansion.”
SOBRsure is a preventative alcohol monitoring system ideally suited for drivers. The fitness-style, privacy-forward wearable alcohol detection band provides continuous remote reporting, geolocation and removal alerts. It joins a variety of existing safety measures in place for RubiRides drivers, including comprehensive background checks, interviews, in-car cameras and more, that ensure children always reach their destinations securely.
“At RubiRides, we are committed to offering the safest and most reliable transportation solution for children, period. This is why we are thrilled to work with SOBRsafe, a company that is revolutionizing preventative alcohol monitoring solutions,” said Noreen Butler, RubiRides Founder and CEO. “SOBRsafe’s devices will add yet another layer of confidence to our trips, protecting both drivers and riders and helping ensure that our trips are alcohol-free. I started this business to prioritize family, even and especially while juggling a busy professional schedule. I believe that integrating SOBRsafe’s technology could help further realize this vision and be a catalyst in expanding our national footprint.” To read this full press release and other news for SOBR, visit: https://sobrsafe.com/news/
Other recent developments in the markets include:
Uber Technologies, Inc. (NYSE: UBER) recently announced financial results for the quarter ended June 30, 2022. Financial Highlights for Second Quarter 2022 Were:
Gross Bookings grew 33% year-over-year (“YoY”) to $29.1 billion, or 36% on a constant currency basis, with Mobility Gross Bookings of $13.4 billion (+55% YoY or +57% YoY constant currency) and Delivery Gross Bookings of $13.9 billion (+7% YoY or +12% YoY constant currency). Trips during the quarter grew 24% YoY to 1.87 billion, or approximately 21 million trips per day on average.
Revenue grew 105% YoY to $8.1 billion, or 111% on a constant currency basis, with Revenue growth significantly outpacing Gross Bookings growth due to a change in the business model for our UK Mobility business and the acquisition of Transplace by Uber Freight.
Net loss attributable to Uber Technologies, Inc. was $2.6 billion, which includes a $1.7 billion net headwind (pre-tax) relating to Uber’s equity investments, primarily due to aggregate unrealized losses related to the revaluation of Uber’s Aurora, Grab, and Zomato stakes. Additionally, net loss includes $470 million in stock-based compensation expense.
Lyft, Inc. (NASDAQ: LYFT) recently announced financial results for its second quarter ended June 30, 2022. “We leaned in hard in Q2 and the team did fantastic work to drive strong results,” said Logan Green, co-founder and chief executive officer of Lyft. “We generated the highest Adjusted EBITDA in our company’s history and saw COVID highs for Active Riders, drivers and rides. It’s clear consumer transportation is a good long-term business with a massive addressable market.”
“Our Q2 Adjusted EBITDA outperformance reflects the swift and decisive actions we took during the quarter to drive additional growth and profits,” said Elaine Paul, chief financial officer of Lyft. “We are confident in our ability to continue navigating macroeconomic headwinds and deliver strong long-term business results.”
Grab Holdings Limited (NASDAQ: GRAB), recently announced that it will hold an Investor Day on September 27, 2022 at 8:00 AM Singapore Time and 8:00 PM U.S. Eastern Time on September 26, 2022. The Grab senior management team will present the Company’s updated business plan, followed by a live Q&A session, from its Singapore headquarters. A live webcast and Investor Day materials will be made available on the Company’s investor relations at investors.grab.com.
Acadia Healthcare Company, Inc. (NASDAQ: ACHC) recently announced financial results for the second quarter ended June 30, 2022. Chris Hunter, the Company’s Chief Executive Officer, remarked, “Acadia delivered strong financial and operating results for the second quarter of 2022 despite ongoing COVID-19 and labor challenges. We saw increased COVID-19 cases in certain markets, which had a temporary impact on the Company’s patient admissions and staffing. Our team continues to work through these surges with robust policies and procedures to ensure the safety of our patients and staff. We also continue to manage through a tight labor market with our proactive approach to staffing, centralized recruitment efforts and ability to maintain a diversified clinical staff. We are truly grateful for our dedicated employees and clinicians across our facilities who have continued to work tirelessly to meet the needs of our patients in a safe and effective manner.
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