Only because they have burned so much VC. Both Uber and Bolt charge like normal taxi companies in Stockholm and can therefore afford to pay their drivers at the same time as making a profit. And as far as I know Bolt is basically already profitable, they just copied Uber's business but reduced the administration costs and did not blow a ton of cash on self driving cars. Having their HQ in Tallinn rather than SF also helps.
There is definitely a market for a modern taxi company, but it won't be as cheap as Uber is in the US. And Uber has too large overhead.
Hard to pay your execs and engineers insanely bloated Tech salaries on Taxi profit margins. It's a bubble ready to pop.The guy saying they will profitable in the next year is delusional.
"The guy" - the CEOs of both companies? You're essentially stating that the CEOs of Uber any Lyft are lying to their investors, which is a crime. That's a serious accusation and some actual evidence is needed.
