Those rumors of Uber shuttering US car leasing for drivers were true. A spokesman has confirmed to the Wall Street Journal that it's closing Xchange Leasing in favor of a "less capital-intensive approach." To put it another way, the initiative cost far too much money -- the earlier leak had it losing about $9,000 per car versus the $500 it expected. The company hasn't said what it will do to replace the American program, although this isn't likely the end of leasing worldwide. Its program in southeast Asia is likely to continue despite problems with defective vehicles.
Source: Wall Street Journal
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