![]() ![]() This doesn't mean it will be easy for Bolt to make money though. London has been one of the few places where it’s actually profitable. Uber still loses billions of dollars a year, and a 2016 report found that it was subsidising journeys to the extent that investors were actually paying more than half of the cost of people’s trips in some cities. Bolt says it is the most efficient company in the industry when it comes to return on investment, and that it has therefore not had to rely on external funding in order to grow to the same extent as its bigger competitors. “We did not have the luxury of a monopoly but had to find out ways to compete from the get-go,” says Villig. It isn’t ploughing funds into the development of autonomous vehicles and flying taxis. ![]() Unlike Uber, which has huge numbers of staff based in expensive cities, the bulk of Bolt’s software engineers are in Estonia and Poland, and it only employs a handful of people in each of the cities where it operates. “We design the company to be as frugal and cost effective as possible,” he explains. Villig disagrees, and says the key to Bolt’s success will be keeping costs down.
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