Uber has told investors it plans to expand its fleet of autonomous taxis to 2,000 next year amid falling profits driven by driver shortages and high fuel prices.

In its third quarter earnings call, the San Francisco-based tech company said it would spend $10 billion by the end of 2027 to expand its driverless car network, with aims to deploy 12,000 cars over time.

Around half of the planned 2,000 vehicles will be for the US market, Uber said, with the remainder split between Europe, Asia and the Middle East. By the end of 2027, the fleet will span 20 countries and include partnerships with May Mobility, Momenta, Zoox, Motional, and others, the company said.

Uber chief executive Dara Khosrowshahi said that the company was on track to have 700 robotaxis on the road by the end of 2026.

The news came alongside falling profits and reduced mobility revenues. Its operating profit for the third quarter was $1.4 billion, significantly below the $2.2 billion predicted by investors, after setting aside $484 million for potential legal and tax settlements.

Revenues from its mobility business were around $7.5 billion for the quarter around $200 million below analysts' expectations, while group revenues beat predictions by $100 million, reaching $14.8 billion.

Khosrowshahi said that higher fuel prices driven by war in the Middle East had hit growth, saying that: “In multiple international markets, elevated fuel costs, tighter local labour conditions and competition for drivers constrained our ability to fully serve consumer demand.”

Uber expects the situation to worsen in the fourth quarter, he added.

In September, Uber partnered with Wayve to offer the first autonomous rides in the UK.

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