Flying in an Uber will cost about as much as an Uber X in a couple of years.
That’s according to a NASA vet-turned Uber executive, who told Cheddar that the airborne vehicle’s effectiveness would drive down its cost.
“These aircrafts are six times more productive, six times faster than a car stuck in traffic on the ground,” Uber Engineering Director of Aviation Mark Moore said Tuesday. “Each one of these vehicles can carry three to four people.”
The company was joined by Bell Helicopter at the Consumer Electronics Show in Vegas to offer a sneak peek of what the electric taxis will look like. This is a part of its Uber Elevate program, which was unveiled last year.
To push the initiative, Uber recently inked a deal with NASA to coordinate air grids. The technology will launch between 2023 and 2025 and will operate in Dubai, Dallas, and Los Angeles.
For full interview [click here](https://cheddar.com/videos/uber-elevate-could-take-to-the-skies-by-2020).
U.S. markets opened sharply lower on Friday on hotter-than-expected inflation data. The May CPI showed an 8.6% jump in consumer prices year-over-year, higher the expected 8.3%. Mark Howard, Senior Multi-Asset Specialist at BNP Paribas joined Cheddar's Opening Bell to discuss.
U.S. stocks closed Friday at session lows after May CPI data showed inflation in the U.S. has not peaked and is still rising rapidly. For the week, the S&P fell 5.06%, the Dow lost 4.58%, and the Nasdaq dropped 5.60%, marking the worst week since January for all three major indexes. Mike Zigmont, Head of Trading and Research at Harvest Volatility Management, joins Cheddar News' Closing Bell to discuss.
Benefits brokerage, Nava Benefits, raised $40 million in a Series B round. Nava says it's on a mission to fix healthcare, one benefits plan at a time. The startup is working to bring benefits to small business that are normally available to only Fortune 500 companies. Brandon Weber, Co-Founder and CEO of Nava Benefits, joined Cheddar News' Closing Bell to discuss.
The electric vehicle maker filed a proposal for a three-for-one stock split, increasing the accessibility of shares for investors for a stock trading at around $700 a share. The move comes not long after tech giant Amazon announced a 20-for-one split. The number of authorized shares rises from two billion to six billion. It was also revealed that board member Larry Ellison does not intend to stand for reelection as it pertains to Tesla.
President Biden proposed a new rule that would add 500,000 chargers for electric vehicles nationwide. The proposal comes amid the rapid shift to EVs with dozens of automakers announcing plans for all-electric fleets within the next decade. But with the new surge will the U.S. have the proper infrastructure to keep up? Scott Painter, founder and CEO of Autonomy.com joined Cheddar's Opening Bell to discuss. "I really think the idea of standardization is a big deal. Standardization certainly makes it much better for everybody to be able to get a charge when they need one," he said.
