Uber cuts fares by 20 per cent in New York in price war with taxis

Uber wants to compete with New York's famous yellow taxis (Source: Getty Images)
Uber is cutting its prices by 20 per cent in New York in a bid to make the mobile app service for private hire cars more competitive than the city’s famous yellow taxis.

The move follows similar price cuts for its UberX service in San Francisco, where the firm is based.

Uber has seen strong growth since its founding in 2009, and now has operations in over 70 cities around the globe.

Last month the app company said it had raised $1.2bn (£700m) in funding from investors, valuing it at around $18.2bn in total.

It has faced stiff opposition from taxi drivers, including those in the UK, where a high-profile protest in Trafalgar Square last month drew around 5,000 cabbies.

However, the protest also boosted awareness of Uber’s services.

Uber did not comment on whether it would consider similar fare cuts for its London service.

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