By MICHAEL MURPHYAssociated PressAUSTIN (AP) Uber has agreed to pay $5 million to fund a $25 million investment in a new trucking company, its largest single contribution to a U.A.E. industry group, the ride-hailing service said Thursday.
The money is the latest installment of a $2 billion deal by Uber to build its fleet of trucks in the U.K. and U.
States, and is one of the largest contributions to an industry group by the U.-S.
service in more than a decade.
Uber chief executive Travis Kalanick said in a statement that the investment will provide an opportunity to build a sustainable, profitable and sustainable transportation network for the U-S.
and the world.
He called the investment a “great way to expand the reach and reach of our service.”
The investment comes a year after Uber, which was founded in 2010, announced it would invest $1 billion in an effort to diversify its business and boost its international presence.
The investment will create a joint venture that will be responsible for managing and delivering all aspects of Uber’s trucking operations in the United States and the UK. to meet regulatory requirements.
The company will use the funds to fund development and operational costs of a new fleet of U.T. vans, the statement said.
Uber has said that its fleet will eventually make up about 50 percent of the U.,S.
transportation fleet and will be used to deliver people, goods and services to customers in and around New York City.
Uber said in December it plans to invest $10 billion in new vehicles and expand its service to more cities and markets in the coming years.