The coronavirus pandemic has kept consumers away from ride-sharing, decimating the San Francisco company's business along with that of its rivals.
“The past few months have been hugely challenging, as demand for trips through the Uber app has fallen dramatically and challenges are faced throughout the business, as well as by the drivers themselves,” Jamie Heywood, Uber’s head of northern and eastern Europe, said in a Wednesday London court hearing reported by Bloomberg.
Uber is in court to fight a decision to bar it from operating in London. The company aims to get back its license to operate in the city.
Uber shares recently traded at $38.30, up 2.2%. They have gained 28% year to date.
Meanwhile, the company has agreed to sell its European freight business to German logistics startup Sennder in an all-stock deal that will make Uber a minority shareholder.
The transaction pegs the valuation of the business Uber is selling at under 900 million euros ($1.1 billion), a knowledgeable source told Bloomberg.
The deal would enable Uber, which entered the German freight market just last year, to expand in Europe, Reuters reports.
Earlier this month, the company unveiled plans to spend $800 million over the next five years to help its drivers switch to battery-operated electric cars as the ride-hailing service aims to become carbon-free by 2040.
Uber said that all its drivers across the U.S., Canada and Europe will transition to electric vehicles by 2030.
"Uber is committing to become a fully zero-emission platform by 2040, with 100% of rides taking place in zero-emission vehicles, on public transit, or with micro-mobility," Chief Executive Dara Khosrowshahi said in a company blog post.