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DoorDash IPO filing shows growth surge in pandemic
by Staff Writers
Washington (AFP) Nov 13, 2020

DoorDash is on track to take in some $2 billion in revenue this year on growing demand during the pandemic, the food delivery startup said in its public share offering filing Friday.

The California-based startup reported losses totaling $433 million in the first nine months of 2020 on revenues of $1.9 billion as sales more than tripled from the prior year.

DoorDash was able to generate a profit in the second quarter of $23 million before slipping back to a loss of $43 million in the July-September period as it invested for growth.

"We have a history of net losses, we anticipate increasing expenses in the future," the company said in its filing.

"We have expended and expect to continue to expend substantial financial and other resources on developing our platform... expanding into new markets and geographies, and increasing our sales and marketing efforts."

The initial public offering (IPO) comes amid rapid growth of on-demand delivery services during the pandemic, especially for meals.

"The Covid-19 pandemic has made our mission more important than ever, and we are striving to help communities meet their challenges and become stronger," DoorDash said in the filing.

The filing also comes after California voters approved a referendum clearing the path for firms such as DoorDash and Uber to keep using contractor-drivers, a key part of their business model.

The filing said the company's drivers known as "Dashers" in California will get certain benefits including guaranteed base pay and health care subsidies as a result of the passage of Proposition 22.

DoorDash said surveys showed it had a 50 percent share of the US meal delivery market in October, twice as big as the number two service, Uber Eats.

DoorDash founder and chief executive Tony Xu said in the filing that the startup fulfills the American dream for his family, which came to the US from China when he was five years old.

"DoorDash exists today to empower those like my Mom who came here with a dream to make it on their own," he wrote


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Honda wins world-first approval for Level 3 autonomous car
Tokyo (AFP) Nov 11, 2020
Honda on Wednesday won approval to sell Level 3 autonomous cars in Japan, in what the automaker and Japanese authorities said was a world-first. The auto giant said it planned to put the vehicles, capable of taking over driving in circumstances such as a busy highway, on sale before next March. Vehicle autonomy is classified along a scale from 0-5, with 5 indicating essentially total autonomy. The "type designation" approved by the Japanese government Wednesday "enables the automated driving ... read more

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