Elon Musk hits back after Uber CEO takes a dig at Hyperloop

Dara Khosrowshahi Chief Executive Officer of Uber Technologies speaks with the media in New Delhi. Reuters

To this end, Uber is also going to be stepping up hiring engineers in India, and will be working with the authorities to allow part time owner driven cars on the platform here, apart from full time licensed taxis.

"We're going to continue to compete with Ola", Khosrowshahi said.

Uber CEO Dara Khosrowshahi said the ride-sharing company was open to partnering with other companies when it comes to autonomous vehicle technology.

"We have a big business in India, but it is essentially a taxi-hailing company, it is not about auto sharing". Khosrowshahi admitted, however, that that Uber could be a better competitor in both markets.

Khosrowshahi said that a decade from now he expects 80 percent of growth at Uber to be organic and some through acquisitions.

"We should actively be investing in markets like India and Latin America that have huge growth ahead of us", he said. "So while SoftBank may have an opinion, theirs is not the only opinion in the room".

However, if he's serious, the plan will likely raise strong objections in Uber's boardroom from SoftBank, Uber's latest investor and largest shareholder. "We as a company need to have a balanced profile in terms of growth and investment". "We think we can increase by 5x, 10x over the next 10 years".

"The greatest value that we can create here is to continue to invest and grow our business here, not just for India but the role it is going to play in shaping our product for the rest of the world", he said. While he said traffic fatalities will fall, companies such as Uber will be held responsible when there are collisions.

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"We are investing in Indian market because we believe in the long-term viability of this market. we consider it incredibly important market for us, the core market for us", he said. "We are going to hire 3x and 4x of the engineering talent we have today in India this year and multiples of that next year".

Uber has previously said that it would like to launch its first flying taxi service in Dallas, Dubai, and Los Angeles in 2020 on a trial basis.

"I expect (India) to account for higher and higher trips going forward", he said. He said he does not expect any change in Uber's India operations following the deal with SoftBank.

Uber accounts for less than 1 per cent of the Dollars 5 trillion transportation industry globally and capturing higher share "requires investments in big markets with population, that have lot of growth ahead of them". "But right now the plan for Southeast Asia is to go forward, lean forward and to invest".

"What I would like to see in India, we have a big business in India, but it is essentially a taxi-hailing company", said Khosrowshahi.

Uber Technologies Inc's chief executive pledged to continue investing aggressively in Southeast Asia even though the US ride hailing firm expects to lose money in the fast growing market due to costly battles with rivals such as Grab.

The CEO of Iranian-origin, who replaced founder Travis Kalanick five months ago, repeatedly said profit will not necessarily determine Uber's strategy as it believed in "building liquidity in the marketplace", which meant expanding the base.

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