Volvo XC90

Earlier this summer we noted Uber's staggering 2Q cash burn of $600 million which equates to roughly $7 million in net cash outflows every single day.  The staggering, and consistently growing, cash burn figures resulted in several mutual funds announcing they would slash their valuations of the struggling rideshare company by up to 15%. 

As reported earlier, in an attempt to demonstrate how advanced (and safe) Uber's "self-driving" technology is, the company rolled out a trial of its self-driving Volvo XC90 cars in San Francisco, the second city it has done so after Pittsburgh. However, in a surprising twist, Uber did not obtain a preapproval from the California DMV, perhaps in an attempt to avoid making a public disclosure of any potential infractions its cars might got into.