Uber (UBER) is launching a $250 million driver stimulus

Uber (NYSE: UBER) announced:

After a year of shutdowns and staying in, Americans are getting vaccinated and cities are opening up—and, as they do, Uber is starting to come back.

As we recover, we want to reinvest in drivers.

We’re launching a $250 million driver stimulus to boost already high earnings for drivers. Boosted incentives and guarantees will help welcome existing drivers back to Uber and ensure first-time drivers do well as they learn the ropes.

In 2020, many drivers stopped driving because they couldn’t count on getting enough trips to make it worth their time. In 2021, there are more riders requesting trips than there are drivers available to give them—making it a great time to be a driver.

Here’s how much drivers are making right now in several cities. These figures are before tips—and before a single dollar of the $250 million stimulus has been spent:

We want drivers to take advantage of higher earnings now because this is likely a temporary situation. As the recovery continues, we expect more drivers will be hitting the road, which means that over time earnings will come back to pre-Covid levels.

We also want drivers to know that we’re working to keep them safe. One-third of adult Americans have received at least one dose of the vaccine, but we’re continuing to require that all riders wear face masks. We’ve also made it easier for drivers to navigate the vaccination process with streamlined appointment booking through our partnership with Walgreens.

We hope drivers new and old will take advantage of this opportunity over the next few months and join us as cities get moving again.

*The figures above represent median hourly earnings, after Uber’s service fee, for all time on the Uber app (not just engaged time) for drivers spending 20 hours online per week. These earnings do not account for expenses, which are drivers’ responsibility. While costs vary based on vehicle choice, fuel prices, and other factors, we looked at the two most popular vehicles on the Uber platform: the Toyota Prius and the Toyota Camry. According to our nationwide estimate, costs hover around $3-$4.50/hour if you own one of these two vehicles. This is not a guarantee of future earnings. Earnings can vary depending on many factors, including time spent driving with Uber, rider demand and other factors.

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