Uber is probably profitable in NYC (and if it isn’t, it could be by raising prices and cutting costs). The question is everywhere else. And NYC taxis relied on

Uber is probably profitable in NYC (and if it isn’t, it could be by raising prices and cutting costs). The question is everywhere else. And NYC taxis relied on mostly immigrants driving 12 hours a day; in cheap fleet cars. The medallions (for a long time) were an appreciating asset. So only the interest on the loans were an actual expense. 5% interest on a million dollar loan is only 50k a year. And they’d offer split it amongst drivers (two or three split a car).