Yandex noted a shortage of taxi drivers and a shortage of economy class cars
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The share of increased taxi fares is growing against the backdrop of an increase in the number of higher-class cars and a shortage of drivers in the domestic market, should from the Yandex report for the third quarter.
The gross value of orders in the direction of RideTech (includes online taxi ordering services in Russia and other countries, car sharing and scooter rental) in the reporting period increased by 51% compared to last year – to RUB 299 billion. This happened “due to an increase in the number of trips and the share of trips at fares higher than “economy” against the backdrop of an influx of new cars of a higher class and a shortage of cars for the economy taxi segment in the Russian market, as well as a continuing shortage of drivers in the domestic market,” the report explains .
At the same time, Ridetech’s revenue increased by 46%. The company explained this trend by an increase in subsidies for drivers, especially in the domestic market due to “difficulties faced by the industry.” In Russia, the number of new taxi service drivers decreased by 15%. The report also notes that in general for the third quarter of 2023, partner revenue increased by 52% and amounted to RUB 262 billion.
Previously, the FAS established that Yandex.Taxi occupies a dominant position in Russia and the vast majority of regions of the country. Cases of abuse of a dominant position “are a reason to analyze the economic feasibility of increasing tariffs and take antimonopoly response measures,” wrote “Vedomosti”. But the service is limited by a Russian government decree of March 24, 2022, which prohibits inspections of IT companies accredited in the Russian Federation until 2024.
Based on the results of the third quarter of 2023, Yandex’s revenue increased more than 1.5 times year on year and amounted to 204.8 billion rubles. Adjusted net profit decreased by 33% to RUB 3.4 billion.
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