changes to meet fL requirements. On September $28,2020,$ Uber won its appeal and was allowed to resume its London operations with a new $18-$month license. The judge wrote that, "despite historical failings," Uber had taken steps to improve its safety and that he was "satisfied that they are doing what a reasonable business in their sector could be expected to do$,$ perhaps even more." $206$

Despite the extension, regulatory authorities were not planning to leave Uber alone. Shortly after the license was extended, the U$.$K$\text{'}$s Competition Markets Authority launched an investigation into Uber's planned acquisition of Autocab, which provided Uber$-$like services to taxis, for $"$ possible effects on competition." $207$

Regional Developments

In $2014,$ when Uber introduced its Uber $($called Uber OP$)$ service in Germany, the company struggled and ran afoul of German chauffeur laws, which required a specific type of driver's license to transport passengers commercially $208$ In $2015,$ a regional court banned Uber POP throughout Germany, although UberBLACK and UberTAXI$-$ which allowed existing taxi$-$operator and rental$-$car operators to use the Uber platform $-$ were allowed to continue operating in the country. $209$ In $2016,$ Uber shut down its Frankfurt offices. Then, in $2017,$ Uber suffered another blow when the European Court of Justice declared that Uber was subject to EU member countries' local transportation regulations, not exempted under the classification of a technology company$\mathrm{.}210$ In $2019,$ Uber suspended service in Barcelona and other cities in Spain in response to new regional regulations that included mandatory

$15-$minute lag times between when a rider ordered a taxi and when that rider was picked up$\mathrm{.}211$

Conclusion

As $2020$ drew to a close, Uber reported $$6\mathrm{.}9$ billion in losses over the $12$ months prior to its latest filing, continuing the negative trend in profitability since it began publicly reporting $($see Exhibits $6$ and $7)\mathrm{.}212$ Nevertheless, Khosrowshahi expressed optimism about the company's trajectory$\mathrm{.}213$ Uber announced that it projected it would reach profitability in $2021\mathrm{.}214$ As Uber battled competitors across the globe, all ridesharing platforms faced a changing and challenging regulatory landscape, as governments and regulators attempted to maintain fair competition in taxi and transportation markets $($see Exhibit $8).$ A $2019$ report on regulatory strategies in $13$ cities around the world detailed a variety of rules already in place or being contemplated. These included requirements for ridesharing companies to submit data on rides to city governments, fees on ridesharing companies to support public infrastructure, vehicle emissions requirements, caps on the total number of vehicles, restrictions on where ridesharing vehicles can operate, including at airports, and regulations relating to drivers' rights and pay, among others. $215$

Given the challenges and confrontations in London and other markets, Uber faced the question of which strategy would bring long$-$term success and profitability. Would the company have to adapt its business model and approach to competing in new and existing markets to comply with regulators?

How long could Uber go without turning a profit before investors began to question the company's strategy? Under scrutiny from shareholders and regulators, what strategy would lead Uber to profitability in transportation markets around the globe?