October 17, 2018 / 4:10 PM / in a month

Uber enters trailer leasing business

FILE PHOTO: The Uber application is seen on a mobile phone in London, Britain, September 14, 2018. REUTERS/Hannah McKay/File Photo

(Reuters) - Uber Technologies Inc [UBER.UL] said on Wednesday it is entering the trailer leasing business.

The new business, called Powerloop, is affiliated with Uber Freight, which connects truckers with shippers, the company said medium.com/@UberFreight/how-powerloop-helps-unlock-access-to-power-only-loads-e83268b06ead.

Powerloop, which would rent trailers to carriers, is currently available in Texas, Uber said, adding that it expects to expand the new business to other U.S. regions.

Powerloop’s first customers include brewer Anheuser-Busch.

Money-losing Uber has been seeking new avenues of growth, including food delivery services, even as it battles intense competition in its core business of ride hailing.

In August, the company said it would create a standalone business out of its long-haul trucking business, with plans to double its investment in the unit to drive growth.

San Francisco-based Uber plans to go public next year and could be valued at $120 billion, according to a media report.

(This version of the story corrects to say that Powerloop is an affiliate of Uber Freight, not a part of Uber Freight, in second paragraph)

Reporting by Akanksha Rana in Bengaluru; Editing by Maju Samuel

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